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Daimler, BAIC to invest $735 million in electric vehicles in China
July 5, 2017 / 12:03 PM / 5 months ago

Daimler, BAIC to invest $735 million in electric vehicles in China

FRANKFURT (Reuters) - Germany’s Daimler (DAIGn.DE) and its Chinese joint venture partner BAIC Motor Corporation (1958.HK) have agreed to jointly invest 5 billion yuan ($735 million) in battery electric vehicle production in China by 2020 and to provide the infrastructure needed.

Sign shows to Daimler AG headquarter near Mercedes museum in Stuttgart, Germany, January 31, 2017. REUTERS/Michaela Rehle - RTX30A29

Of that investment, a three-digit million euro sum is to be invested in a new battery factory to be built in China by joint venture Beijing Benz Automotive Co., Ltd. (BBAC), 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,” management board member Hubertus Troska said.

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 hybrid and pure battery electric cars.

Reporting by Niamh Melvin; Editing by Maria Sheahan

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