With approximately 640 million euros, Daimler intends to boost up its EV and battery business in China. The investment is part of the carmaker’s global EQ strategy, according to the company’s China head Hubertus Troska.
As reported, Daimler is willing to invest 10bn euros into the implementation of its EQ roadmap until 2025. With its focus on China, the carmaker intends to boost up local production of EVs and batteries on one hand and to strengthen the Joint Venture with BAIC on the other hand. Both partners seek to produce and launch BEVs in China under the EQ brand by 2019. The first model to come up is the EQC.
Independent of the above-mentioned investment, Daimler announced already in July to expand its JV operation with BAIC through 5bn yuan (735m USD) and to use a three-digit million sum of that amount to erect a new battery factory by Beijing Benz Automotive Co. (BBAC) in the People’s Republic. The plant will be part of Mercedes Benz Cars’ global battery production network that is backed once again by a 1bn euro investment of Daimler.