Daimler and its Chinese partner BYD have received the business license for their joint venture to produce electric cars.
The Chinese authorities granted a business license to the Shenzhen BYD Daimler New Technology Co Ltd, which plans to make electric cars in the southern Chinese city of Shenzhen, Daimler said in a statement.
In an interview with the Financial Times, Mr Wang acknowledged that the company had stumbled in predicting sales of its cars and managing its dealership network in China, where the company has slashed its sales forecast and cut its prices over the past year.
“Our joint venture is making excellent progress,” said a statement by Wang Chuanfu, chairman of BYD, which stands for “Build Your Dreams”.
“We are all eager to utilise the strengths of our two companies to create a new brand of electric car in China.”
Daimler said last month that it expected to grow at least as fast as the overall premium market in China, which has doubled in size the past couple of years and helped provide a large share of profits for German premium carmakers.