Daimler, BYD in China electric car partnership

Daimler AG says it has signed a memorandum of understanding with China's BYD Co. to develop jointly electric vehicles for the fast-growing Chinese market.

Daimler said Monday the two companies envision a "comprehensive technology partnership" that would result in a vehicle specific to the Chinese market's requirements.

It said the plan is for the car to be marketed under a new brand jointly created and owned by Daimler and BYD and for the companies to set up a common technology center in China to develop, design and test the vehicle.

Daimler didn't say when the planned vehicle might be ready.

Daimler's Mercedes-Benz plans to introduce an all-electric version of its A-Class car this year. BYD plans to launch its own electric e6 soon.