Daimler And BYD Co. In Car Partnership (DAI, BYDDY)

Daimler AG (NYSE: DAI) announced that it has signed a memorandum of understanding with Chinese car and battery maker BYD Company (OTC:BYDDY). The memorandum is for developing a new brand of electric cars for China. The cars will use batteries made by BYD Company (BYDDY). BYD Company is backed by legendary investor Warren Buffett.

BYD Company is one of the world’s largest producers of lithium-ion batteries. These batteries are used in mobile phones and other gadgets. Dieter Zetsche, Daimler’s (DAI) CEO, said, “Daimler’s know-how in electric vehicle architecture and BYDs excellence in battery technology and drive systems are a perfect match.” Wang Chuanfu, BYD Company’s Chairman termed the partnership as a “win-win model” for both the companies.

The parties involved refused to give any details about the planned launch of the car.