FRANKFURT -- Daimler and its Chinese joint-venture partner BAIC Motor Corp. have agreed to jointly invest 5 billion yuan ($735 million) in electric-vehicle production in China by 2020 and to provide the infrastructure needed.
Of that investment, a three-digit million-euro sum is to be invested in a new battery factory to be built in China by the joint venture, Beijing Benz Automotive Co., Daimler said in a statement on Wednesday.
"By 2025, the Chinese market will have a substantial share in global sales of Mercedes-Benz electric vehicles," Daimler's China boss, Hubertus Troska, said in a separate statement.
Daimler and BAIC signed a framework agreement last month to upgrade production facilities at BBAC to make New Energy Vehicles, a label for so-called low-emission vehicles which include plug-in hybrid and pure battery electric cars.
Daimler's Mercedes unit aims to launch more than 10 new electric cars by 2022. The first, an SUV based on the Generation EQ concept, is due in 2019.
Credit source: autonews.com