Daimler: to build battery factory in Beijing.

(CercleFinance.com) - Daimler will build a battery factory in Beijing, its first battery production plant outside of Germany, the carmaker said on Wednesday.


Daimler and its Chinese partner BAIC said they intend to jointly invest about 655 million euros in the production of electric vehicles under the Mercedes-Benz brand.

This envelope includes a three-digit million investment (in euros) for the joint venture's battery production.

Local production of battery-powered vehicles is scheduled to start by 2020.

The project was unveiled today during Xi Jinping's visit to German Chancellor Angela Merkel in Berlin before the G20 summit in Hamburg, which is due to start on Friday.

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