Daimler to invest $755 million in China for electric car, batteries
They will produce electric cars and the batteries that power them - part of an effort to help its China operations comply with the country's green car production and sales quotas.
Hubertus Troska, head of Daimler's greater China operations, told reporters that the investment was part of Daimler's previously announced 10 billion euros ($11.8 billion) global green car initiative.
Troska said Daimler which operates Mercedes-Benz and Smart brands in China, and its partner BAIC Motor plan to make the investment to localize production of battery electric vehicles (EV) in China.
The investment will also go toward producing EV battery packs using locally produced battery cells. ■