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[FRANKFURT] Germany's Daimler and its Chinese joint venture partner BAIC Motor Corporation have agreed to jointly invest 5 billion yuan (S$1.017 billion) in battery 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 joint venture Beijing Benz Automotive Co (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.