March 01, 2010

BYD Auto in EV JV with Daimler

German auto major Daimler AG (parent of Mercedes-Benz and maker of the Smart mini) signed a memorandum of understanding today with ShenZhen based BYD Auto to develop Electric Vehicles (EVs) for the Chinese urban market. The EV will be a new creation with joint branding according to Daimler's press release. Daimler CEO "Dr. Z" Dieter Zetsche describes the deal as a "perfect match." BYD is 10% owned by famed investor Warren Buffett's Berkshire Hathaway firm - the second largest stock holding in Buffett's portfolio.....

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