BYD Company Limited and Daimler AG Sign Joint Venture Contract to Develop Electric Vehicles in China

· BYD and Daimler AG to establish "Shenzhen BYD Daimler New Technology Co. Ltd," a 50:50 research and technology center to develop electric cars in China

· Mr. Wang Chuanfu, Chairman and President of BYD Company Limited: "Together with Daimler we are making excellent progress identifying opportunities to utilize the strengths of both companies to create a new brand of electric cars for China. This is a unique and exciting initiative and together we are pushing hard to bring this new electric vehicle to market as soon as possible."

· Dr. Dieter Zetsche, Chairman of the Board of Management of Daimler AG: "Our new joint venture is well positioned to make the most of the vast potential of electric mobility in China. We are fortunate to have excellent joint venture partners in China and the establishment of this research and technology center with BYD adds another dimension to our growing presence in this important market."

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