SHENZHEN, PRC: Shenzhen BYD Daimler New Technology Company Limited, the 50:50 Joint Venture between BYD and Daimler, has held its first board meeting since the Joint Venture received its business license issued by the Market Supervision Administration of Shenzhen Municipality. During the meeting Mr. Ulrich Walker, the CEO of Daimler Northeast Asia Investment Co., Ltd, was announced as the Joint Venture’s Board Chairman and Mr. Yubo Lian, Senior Vice President of BYD Co., Ltd and Chief Engineer of BYD’s auto business, was announced as the Joint Venture’s CEO.
The Joint Venture has made great progress since cooperation began over a year ago. The design of the first electric vehicle (EV) model has been finalized and prototyping has been kicked off – a major milestone for the Joint Venture. Both parties will work on EV production preparations and team members from design, engineering, procurement, and quality management have all relocated to BYD’s headquarter in Shenzhen.
From the outset of the collaboration, BYD and Daimler have put special emphasis on the quality standards of the vehicle. The whole process of new vehicle design has been closely supervised by Mercedes-Benz quality management experts. This process has included creating a new international supply chain and the selection of the right combination of mold-makers and high-quality component suppliers. Cooperation with the World‘s leading suppliers plays an important role in safeguarding the new vehicle’s superior quality.
The electric vehicle co-developed by the joint venture will capitalize on Daimler’s know-how in highly-reliable and safe electric vehicle architecture as well as combining BYD’s leading-edge battery technology and e-drive systems. The vehicle will be marketed under the new brand jointly created and owned by Daimler and BYD.
Further information from BYD is available on the internet at:www.bydauto.com.cn
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BYD is ranked #1 at the top of Bloomberg’s and BusinessWeek's 2009 Tech 100 List (http://www.businesswire.com/news/home/20100520006751/en/BYD-Tops-Bloomberg-Businessweek%E2%80%99s-12th-Annual-Tech ) and is the leading manufacturer of advanced, environmentally-friendly battery technologies like the BYD’s Iron Phosphate battery. BYD’s solar panels and LED Lighting systems have TUV/CE, CEC and UL listings, and the company enjoys rapid growth in consumer electronics space and automobile manufacturing under its BYD brand. BYD is the fastest-growing Chinese automotive and green energy technology manufacturer. The Company trades on the Hong Kong exchange (HKE) under the ticker numbers (HK.0285 – BYD Electronics) and (HK.1211 – BYD Company Ltd). For more information, visit www.bydit.com or email [email protected].