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BYD and Daimler clear break-up rumor

SHENZHEN – Chinese battery and EV maker BYD and Daimler Northeast Asia recently issued a joint announcement to refute the rumor about Daimler abandoning cooperation with BYD.

An earlier Chinese report said that Daimler had decided not to use batteries made by BYD in U.S. and European markets because of the after effect of the crash accident in which a BYD e6 taxi ignited and three occupants were killed after being hit by a speeding race car on May 26 in Shenzhen.

The joint statement said BYD and Daimler are “going smoothly” with their cooperation and everything is sticking to the plan.

The statement also said their 50:50 joint venture, Shenzhen BYD Daimler New Technology Co. Ltd. (BDNT) was founded in 2010 in Shenzhen. The joint brand Denza debuted a concept model at the Beijing Auto Show last April. The first production model will hit the Chinese market in 2013.

Rumor also emerged saying that the May 26 accident led Warren Buffett to underweight BYD shares.

BYD vice president Wu Jingsheng refuted the rumor, saying he had contacted Buffett’s Berkshire Hathaway and the company also denied that they have underweight BYD.

Earlier in May, Warren Buffett said his investment in BYD was not over yet at a press conference of Berkshire Hathaway’s annual shareholders meeting held in Omaha.

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