Daimler to invest $755m in China for electric car, battery production

Daimler to invest $755m in China for electric car, battery production

FILE PHOTO: The Daimler AG sign with raindrops is pictured before the company's annual news conference in Stuttgart, Germany, February 4, 2016. REUTERS/Michaela Rehle/File Photo

Germany’s Daimler AG plans to invest 5 billion yuan ($755 million) in China for factory capacity to manufacture electric cars and the batteries that power them, part of an effort to help its Mercedes-Benz and Smart brands comply with the country’s green car production and sales quotas.

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