Daimler to invest $755 million in China for electric car, batteriesStaff Writer | November 17, 2017
Daimler plans to invest 5 billion yuan ($755 million) in China, jointly with its Chinese joint-venture partner.
Auto industry $11.8 billion global green car initiative
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. ■