Tesla backer funds Chinese electric cars (Silicon Valley)
Daimler AG, the German luxury car maker that has invested in Tesla Motors Inc., said Thursday it is partnering with Chinese car maker BYD Co. to develop electric cars in China.
“Our new joint venture is well positioned to make the most of the vast potential of electric mobility in China,” Daimler CEO Dieter Zetsche said in a statement about the $88 million joint venture.
Daimler isn't the only German luxury car maker jumping into the Chinese market. Bayerische Motoren Werke AG (BMW) has partnered with Brilliance China Automotive Holdings Ltd. to make battery-powered models there.
Read the full post in the Silicon Valley / San Jose Business Journal.
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