BYD and Daimler to increase investments in new JV

Gasgoo.com (Shanghai March 4) - BYD has announced that it will increase its investment in the Shenzhen BYD Daimler New Technology joint venture to 430 million yuan ($68.51m), the Shanghai Morning Post reported today. Its partner Daimler Northeast Asia will also raise its investment amount to match BYD's, in order to ensure that each company will own equal 50 percent stakes in the new JV.

According to BYD, the increased investments will help the BYD Daimler JV expand its new energy vehicle operations, allowing it to introduce competitive, new products as soon as possible.

BYD President and Board Chairman Wang Chuanfu and Senior Vice President and Board Secretary Wu Jingsheng will work at BYD Daimler on its board of directors, while BYD Senior Vice President Lian Yubo, who will also be on the board, will head up the JV as CEO.