Daimler AG signs Memorandum of Understanding with BYD Company Limited to Establish a Technology Partnership for Electric Vehicles in China

Daimler AG (stock ticker symbol: DAI) today signed a Memorandum of Understanding (MoU) with BYD Company Limited (1211.HK) to enter into a comprehensive technology partnership for the development of electric vehicles for China.

Under the agreement, Daimler and BYD intend to develop a new electric vehicle specific to the requirements of the Chinese market. The vehicle will be marketed under a new brand jointly created and owned by Daimler and BYD. In addition, a common technology center will be established in China to develop, design and test this electric vehicle.

"With this announcement, we continue to push ahead as a global leader in electric mobility. Daimler's know-how in electric vehicle architecture and BYD's excellence in battery technology and e-drive systems are a perfect match. Thus, we will be able to participate in the potential growth of electric mobility in China, currently the largest auto market of the world", said Dr. Dieter Zetsche, Chairman of the Board of Management of Daimler AG and head of Mercedes-Benz Cars.

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