Mercedes Benz parent Daimler ( DDAIY) and its Chinese joint venture partner BAIC Motor Corp. have agreed to invest 5 billion yuan ($735 million) in battery electric vehicle production in China by 2020.
The joint venture will be called Beijing Benz Automotive Co., Ltd.
The venture will also provide the capital needed for the infrastructure required to complete the project.
Of that investment, a three-digit million dollar sum will be invested into a new Chinese battery factory.
"By 2025, the Chinese market will have a substantial share in global sales of Mercedes-Benz electric vehicles," Daimler management board member Hubertus Troska said.
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Volvo is no longer feeling gas engines: Ford's (F) founder Henry Ford may be rolling over in his grave on this one. Volvo Cars said Wednesday that all of its cars will feature an electric engine from 2019, as it embraces of the new technology in the face of industry-wide adoption. The Swedish car maker will roll out a mix of all-electric, hybrid and mild hybrid cars from 2019 and will no longer offer vehicles that carry just a traditional internal combustion engine, TheStreet reports.
"This announcement marks the end of the solely combustion engine-powered car," said CEO Hakan Samuelsson. "Volvo Cars has stated that it plans to have sold a total of 1 million electrified cars by 2025. When we said it we meant it. This is how we are going to do it." Meanwhile, Nissan said Wednesday that its new all-electric Leaf will hit markets starting September 6.
