Daimler, the German parent of the Mercedes and Smart brands, Tuesday signed an agreement with China's BYD (Build Your Dreams) for a joint-venture to build electric cars for the massive Chinese urban market.
"This is a co-operative venture between the most senior automaker and the youngest ... between the country with the best auto industry and the country with the biggest auto market," BVD's general manager Henry Li said at the Geneva Auto Show.
Daimler said its electric vehicle knowhow combined with BVD's expertise in battery technology and e-drive systems will be "a perfect match."
BVD, China's second biggest domestic carmaker, unveiled its E6 people carrier for the first time in Europe during the show. It aims to market the car in Europe in 2011.
