BYD, Daimler in JV deal

Updated: 2010-05-29 11:11
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BEIJING - Chinese carmaker BYD said Friday it had signed a contract with German auto giant Daimler AG to establish a joint venture in China.

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The joint venture will focus on developing a new generation of electric cars which will combine Daimler's expertise in car structure and safety and BYD's battery and drive technologies.

The new firm will have a registered capital of 600 million yuan ($87.88 million), BYD said.

Each company will hold a 50-percent stake in the venture.