Go Finance Reporting in BEIJING - Chinese electric car maker BYD Group and Daimler obtain approval to work together to develop electric vehicles in the City of Panda.
The two companies also agreed to build a center of research and development through a joint venture company named Shenzhen BYD Daimler New Technology Co. Ltd.. Prior to approval of local authorities, BYD and Daimler takes about nine months after initial talks started last year.
"The joint venture is making excellent progress. We'd love to harness the power of these two companies to create a brand new electric cars in China, "says BYD Chairman Wang Chuanfu was quoted as saying by AFP.
BYD, short for Build Your Dream, also known as a manufacturer of batteries for electric vehicles. Currently, in addition to controlled Chuanfu, BYD shares owned by billionaire United States (U.S.) Warren Buffett by 10 percent.
Previously, Daimler said the new results of a joint venture company that will get the initial capital of about 600 million yuan (USD91 million). As is known, since two years ago, China has taken the U.S. as the world's largest automotive market.
Last year China's auto sales surged even 32 percent to 18.6 million units as the economic growth that reached 10.3 percent, the fastest since 2007. Meanwhile, Europe's biggest carmaker, Volkswagen (VW), yesterday said it has completed the purchase of the unit sales of the Porsche Salzburg Porsche Holding (PHS) worth 3.3 billion euros ($ 4, 55 billion), equivalent to Rp40, 9 trillion. The acquisition is part of a previous agreement between the two companies to target the creation of an integrated automotive group Volkswagen and Porsche.
"PHS is responsible for the distribution and sales of Porsche sports cars and is the company's most efficient and profitable in the world automobile trade," said VW chairman Martin Winterkorn. (GoFinance)
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