After having earlier agreed to jointly develop electric vehicles, China-based BYD and Germany's Daimler recently announced that they will set up an R&D center in Shenzhento to that end.

The two carmakers have already signed a preliminary agreement to jointly build an electric car that will be sold in the Chinese market under a new brand.

BYD CEO Wang Chuanfu said there was no detailed timetable for the cooperation, but with substantive support from the Shenzhen government, the R&D center may possibly be built in the southern Chinese city.

There are not enough charging stations for electric vehicles in China, and BYD hopes to work with the local government there to improve the after-sale services for electric car drivers.