BYD, the struggling Chinese carmaker, has unveiled an electric vehicle developed with Daimler of Germany as it attempts to engineer a reversal of its declining fortunes.
The Shenzhen-based company has previously shunned joint ventures with multinational car companies.
BYD’s car business, which accounted for about half of the company’s Rmb25.2bn ($4bn) in first-half sales, is collapsing. BYD also sells mobile phone handsets and components – a business that grew more than 20 per cent over the same period – and batteries.
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