Daimler AG and BYD Co. recently signed a contract to create a 50-50 research and technology joint venture called Shenzhen BYD Daimler New Technology Co. Ltd. in China with the goal of developing an electric vehicle for China. The companies will invest RMB 600 million to use as registered capital for the joint venture. The new generation of electric vehicles developed by the JV will capitalize on Daimler's know-how in EV architecture and safety as well as BYD's expertise in battery technology and e-drive systems. The vehicles will be marketed under a new brand jointly created and owned by the two companies, which signed a memorandum of understanding for establishment of the JV in March. A battery maker that entered the automotive sector in 2003, BYD recently launched the pure-electric e6.