Daimler, BYD Ink Electric Car Deal

BERLIN (AP) -- Germany's Daimler AG says it has signed a contract with China's BYD Co. to form a joint venture developing electric cars in China. It said the two will invest 600 million yuan ($88 million) in the enterprise.

Daimler said Thursday that the 50-50 joint venture will be called Shenzhen BYD Daimler New Technology Ltd.

It will develop a new generation of electric vehicles that will bring together Daimler's know-how in building and safety with BYD's experience in battery technology.

The two companies had signed a memorandum of understanding on the venture in March.

It isn't yet clear when the planned new vehicle might be ready.

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