New BYD-Daimler brand for electric vehicles

BYD Daimler New Technology Co Ltd, the 50-50 joint venture between Chinese battery and electric car maker BYD Co and Germany’s Daimler AG, recently unveiled its Denza brand for electric cars that will be produced and sold in China.

The first Denza vehicle will hit the market in 2013, both companies said, adding that a show car will have its premiere at the Beijing auto show later this month.

The joint venture based in the southern city of Shenzhen was established in 2010 with an initial investment of 600 million yuan.