Daimler will invest $ 735 million into infrastructure for electric vehicles in China

German automaker Daimler announced a partnership with the Chinese company BAIC Motor. The partnership will allow Daimler to 2020 to invest in infrastructure for electric vehicles in China 735 million dollars. A substantial part of the specified sum will be spent on the construction of a factory on release of accumulators. The factory will be owned by the joint venture Beijing Benz Automotive.

The readiness of Germans to invest significant funds in Chinese infrastructure were driven by the desire to circumvent protective tariffs on imports of vehicles, not allowing many Western firms to enter the Chinese market. A mandatory condition of exemption from duty is the creation of a joint venture. At Daimler expects that by 2025, sales in China will be a significant portion of all sales of electric cars by Mercedes-Benz. Thus, the current investments will pay off handsomely.

Source: Engadget

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electric vehicle

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