Daimler AG says it has signed a memorandum of understanding with China's BYD Co. to develop jointly electric vehicles for the fast-growing Chinese market.
Daimler said Monday the two companies envision a "comprehensive technology partnership" that would result in a vehicle specific to the Chinese market's requirements.
It said the plan is for the car to be marketed under a new brand jointly created and owned by Daimler and BYD and for the companies to set up a common technology center in China to develop, design and test the vehicle.
Daimler didn't say when the planned vehicle might be ready.
Daimler's Mercedes-Benz plans to introduce an all-electric version of its A-Class car this year. BYD plans to launch its own electric e6 soon.
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