"Shenzhen BYD Daimler New Technology Co. Ltd." has received its business license from Chinese authorities. The 50:50 Joint Venture between BYD Company Limited and Daimler AG will develop an electric vehicle in and for China.

Mr. Wang Chuanfu, Chairman and President of BYD Company Limited: "Our Joint Venture is making excellent progress. At the research and technology center in Shenzhen, the German and Chinese engineers, designers and other experts are very well aligned and will soon be joined by more colleagues from both partners. We all are eager to utilize the strengths of our two companies to create a new brand of electric cars in China.”

Dr. Dieter Zetsche, Chairman of the Board of Management of Daimler AG and Head of Mercedes-Benz Cars: “We've now got the green light to move ahead - and we are especially pleased to receive the business license just a few months after signing the contract. It will accelerate our joint efforts to create an all-new electric vehicle for the Chinese market."

The electric vehicle developed by the joint venture will capitalize on BYD’s excellence in battery technology and e-drive systems as well as Daimler’s know-how in electric vehicle architecture and safety. The vehicle will be marketed under a new brand jointly created and owned by BYD and Daimler.

The business licence follows the signing of the Joint Venture contract by Chairman Wang and Dr. Zetsche in Beijing on May 27, 2010.