Chinese carmaker BAIC Motor rose on Thursday after it announced an agreement with Daimler to jointly invest Rmb5bn ($735m) to produce electric cars in China.
BAIC said it and Daimler would increase investments in joint venture Beijing Benz Automotive to introduce pure electric vehicles from Daimler and to set up a production base and research and development of locally adapted batteries for electric vehicles.
China is the world’s largest manufacturer and distributor of electric vehicles. The Chinese government has provided subsidies to the domestic electric carmakers and there are expected to be 5m electric vehicles on the country’s roads by 2020.
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