GENEVA (AP) -- German car maker Daimler AG says it expects to "easily" invest euro100 million ($135 million) in its electric car joint venture with Chinese automaker BYD Co.
Chief executive Dieter Zetsche says the yet to be named brand will target growing demand in China for electric vehicles.
Zetsche told reporters at the Geneva Motor Show on Tuesday that development of the new car will start soon and that there are no plans yet to expand beyond the Chinese market.
He says the car will be positioned above BYD's current products and below the Mercedes premium range.
