Daimler pushes into Chinese EV market with $755 million

The EV market in China is expected to grow within the next years. Image source: Shutterstock (#667725274).

At the recent Guangzhou motor show, Daimler AG executives revealed that the company is investing about $755 million to make a push into the Chinese market, and manufacture plug-in electric vehicles and associated battery packs with BAIC Motor Corp, its joint-venture partner.

The move is part of the Daimler’s $11.8 billion global green car initiative.

“If there’s one country in the world (that could) grow demand for electrics, that’s China because no other countries have so many big cities,” Daimler’s head of greater China operations, Hubertus Troska, stated.

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