Volkswagen and BYD China sign MoU for hybrids and electric cars

Europe’s largest carmaker, Volkswagen AG, on 25th May, 2009, has said it had signed a Memorandum of Understanding (MOU) with Chinese carmaker, Build Your Dreams company (BYD) to jointly develop hybrid and electric vehicles powered by lithium-ion batteries. The agreement was signed during an informational visit by the Chinese carmaker led by the chairman of the Board of Management, Wang Chuanfu. The deal will make Volkswagen the first major automotive partner for BYD, itself an auto producer as well as China's largest maker of rechargeable batteries.
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