BEIJING (Reuters) - German automaker Daimler AG (DAIGn.DE) said on Wednesday it plans to invest 1.1 billion yuan ($158.23 million) in a second research and development center in Beijing to help accelerate localization of Mercedes-Benz vehicle models in China.
Daimler said in a statement the new tech center will be situated close to Daimler’s engine and vehicle assembly hub in China’s capital and is expected to start operations in 2020.
China, the world’s biggest auto market, is Daimler’s single largest market globally. The company’s existing tech center in Beijing was established in 2014.
“We remain positive for further growth opportunities in China... and will continue with our investment here,” Hubertus Troska, Daimler’s chief for greater China operations, said in a statement.
Reporting by Norihiko Shirouzu; Editing by Muralikumar Anantharaman