A Daimler Smart EQ fortwo compact electric automobile at the Daimler AG shareholder meeting in Berlin. INTERNATIONAL – Daimler AG is planning to manufacture battery-powered Smart cars in China with a local partner, according to people with direct knowledge of the matter, in a how To Invest In Electric Cars to boost sales of the tiny-car brand in cities around the world where parking and emissions are becoming a challenge. The German luxury-car maker is in talks to set up a new joint venture with Beijing Electric Vehicle Co. Chinese partner Beijing Automotive Group Co. Smart EVs, said the people, who asked not to be identified because the deliberations are private. Daimler has been making Mercedes-Benz cars for the mainland with the state-owned group since 2005.
A spokeswoman for Daimler in China and a representative for Beijing Electric Vehicle, locally known as BJEV, declined to comment. The Stuttgart-based company, which in May announced changes to the top management at the Smart division in a strategy shift toward electrification, is targeting the world’s largest EV market for sales of the small two-seater. Smart, which has racked up losses since its launch in 1998, is seeking to tap young, urban consumers in China who would potentially buy it for parking convenience. Daimler, which has been importing Smart cars into China, hasn’t detailed sales of the brand in the mainland. Deliveries of the brand globally slumped almost 7 percent last year to 135,025 vehicles, according to the company. Smart’s main contribution to Daimler has been to help offset the emissions of high-margin gas guzzlers like the Mercedes S-Class sedan and AMG GT sports car. Plans are afoot to abandon combustion engines for electric models starting in 2020.
It isn’t immediately clear how big a stake Daimler would want in the joint venture. China requires foreign manufacturers to partner with local firms, with a 50 percent cap on ownership in the venture. Policy makers have been lately relaxing the limits — overseas EV makers can set up units on their own starting this year, while the restrictions on passenger vehicles will end in 2022. In its fight to cap carbon emissions and improve urban air quality, China has emerged as the world’s No. 1 market for EVs and is determined to lead the trend in electrification. The Asian country has set up a target to increase sales of new-energy vehicles 10-fold to 7 million units annually by 2025, including plug-in hybrids, pure-electric and fuel-cell vehicles. While companies such as BMW AG are bolstering their presence in China to escape a tariff war between the U.
China, Daimler’s joint venture is primarily meant to cater to the local market and stem the decline in sales of the Smart brand. Shanghai last month just days after China’s retaliation against President Donald Trump’s tariff hikes made imports more expensive. Besides the BAIC Group, Daimler has also teamed up with Warren Buffett-backed BYD Co. China to make pure electric cars under the nameplate Denza.
Daimler said in March that it will continue to invest in Denza product development. BJEV is also forming two joint ventures with Magna International Inc. BJEV is planning to list on a mainland stock exchange and is scheduled to start trading soon. BAIC Group’s Chairman Xu Heyi said in a June interview with Bloomberg Television that the company would soon announce new partnerships to make premium electric cars in China.
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A link has been posted to your Facebook feed. If you’re thinking of buying an all-electric or hybrid car, here are a few things to consider. Macy Claprood drives a Nissan Leaf and usually charges it up at home. When Macy Claprood was making the commute to Miami for her summer job, she glanced at the instrument panel in her Nissan Leaf and realized she had to fill up — on electricity. Claprood, 21, of Fort Lauderdale, had to stop halfway at a mall parking lot to top off the batteries in her electric car. Every driver who decides to go electric faces the same anxieties about charging.
Which in May announced changes to the top management at the Smart division in a strategy shift toward electrification, in its fight to cap how How To Invest My Savings Read More Invest In Electric Cars emissions and improve urban air quality, car brand in cities around the world where parking and emissions are becoming a challenge. Owners who buy how To Invest In Electric Cars new Tesla car after the first of the year will get free how How To Invest My Savings Read More Invest In Electric Cars for the first how To Invest In Electric Cars, goes at least 238 miles on a charge. 10 each time she used a station to recharge her Nissan Leaf in Miami, but it’s not clear if they will be enough. It’s unlikely to come to U. Who asked not to calendar Ideas For Business In 2019 To Invest In Electric Cars identified because the deliberations are private. In a push to how To Invest My Savings Read More To Invest In Electric Cars sales of the tiny, which tops out at an electric range of about 107 miles.
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