May 27, 2009 (China Knowledge) - Germany-based Volkswagen AG on Monday said it had signed a memorandum of understanding with China's BYD Co<1211> to jointly develop hybrid and electric vehicles powered by lithium-ion batteries, Dow Jones Newswires reported.
The deal will make Volkswagen the first major automotive partner for BYD, itself an auto producer as well as China's largest maker of r
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