Daimler, BAIC to make electric cars in China

Daimler CEO Dieter Zetsche stands next to the new Mercedes-Maybach S 680 ahead of the Shanghai Autoshow in Shanghai, China April 18, 2017. REUTERS/Aly Song

Daimler and its Chinese joint venture partner BAIC Motor Corporation agreed to upgrade the Mercedes-Benz factory in Beijing to make electric cars, the German carmaker said on Thursday.

At a signing ceremony in Berlin attended by German Chancellor Angela Merkel and Chinese Premier Li Keqiang, Daimler signed a framework agreement to upgrade production facilities at Beijing Benz Automotive Co., Ltd. (BBAC), to make New Energy Vehicles, a label for so-called low-emission vehicles which include hybrid and pure battery electric cars.

“China today is already the world’s largest market for NEVs, and Daimler is committed to contributing to the further development of electric mobility in this country,” Hubertus Troska, Daimler’s board member in charge of China, said.

Daimler also agreed to acquire a minority stake in Beijing Electric Vehicle Co., Ltd. (BJEV), a subsidiary of the BAIC Group, to enhance collaboration on developing so-called new energy vehicles. Daimler declined to provide a figure for the scale or value of the stake.

BJEV was established in 2009 by the BAIC Group and other shareholders as a development platform for New Energy Vehicles.

It focuses on research and development, production, and sales and services for New Energy Vehicles and core NEV components. To date, the company’s product portfolio covers five major series of electric vehicles.

The German government’s agenda to the Germany-China summit in Berlin also showed that Volkswagen was due to sign a contract with Anhui Jianghuai Automobile Co about production, research and development of electric cars in China.

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Reuters

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.