Daimler and BYD's new JV gains official approval

Gasgoo.com (Shanghai March 5) - The Shenzhen BYD Daimler New Technology Company, a 50-50 joint venture between international automobile giant Daimler AG and Chinese automobile manufacturer BYD , was officially granted a business license by Shenzhen's Market Supervision Administration yesterday, sina.com.cn reported yesterday.

The company will specialize in development of a brand new electric vehicle to make its official Chinese debut in 2013. A new brand will be created for the car, which will be property of both Daimler and BYD.

Dieter Zetsche, CEO of Daimler AG, said that he was very pleased that the new company was able to gain approval after applying only two months ago. "This is a good step towards developing cooperation [between our two companies]," Dr. Zetsche stated, adding that the approval will be of great use for the company to further penetrate the Chinese automobile market.

BYD CEO Wang Chuanfu made similar comments, saying that the new center had already brought together Chinese and German engineering and design experts, and that they will begin investment to recruit more talent. "We are truly looking forward to show off both companies' strong sides, and will unite towards creating a brand new electric vehicle brand for China," Mr. Wang said.