Economic review

Daimler, Chery settle branding spat

2017-07-17 10:31:00 (Beijing Time)         China Daily

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Chery's eQ vehicles are the main models of the car-sharing service in Guangzhou, Guangdong province. (Photo by Xu Ying/For China Daily)

Daimler's EQ-branded cars are estimated to hit the market around 2020. Troska said they would also be sold and made in China.

Globally, the carmaker said 15 to 25 percent of its product portfolio would comprise new energy vehicles by 2025. Analysts say the deal, which would prevent Daimler from any future troubles, shows its growing commitment to new energy cars, especially in the Chinese market, which has been the largest worldwide and is still growing fast.

Earlier this month, Daimler signed a framework agreement in Berlin with China's BAIC Group to produce Mercedes-Benz-branded electric cars via their joint venture Beijing Benz Automotive.

In accordance with the 5 billion yuan ($738 million) agreement, the two are preparing to produce electric vehicles in China by 2020 and to provide the necessary infrastructure for battery localization using Chinese cells, as well as to expand research and development capacities.

In June, Daimler also announced its intention to acquire a minority share in Beijing Electric Vehicle, a subsidiary of BAIC Group, with the purpose of strengthening collaboration in the new energy car sector.