Chinese electric car maker Tianjin Qingyuan Electric Vehicle Co is in talks with Daimler AG (DAIGn.DE) to develop an electric version of a van made at the German automaker's joint venture in southeast China, a source said on Tuesday.
Qingyuan, based in the northern municipality of Tianjin, near Beijing, is also exploring cooperative opportunities in the green car business with Beijing Hyundai, Hyundai Motor's (005380.KS) car venture with Beijing Automotive Industry Holding Corp, a source with direct knowledge of the matter told Reuters.
Qingyuan is discussing with Lenovo Group's (0992.HK) investment arm and other investors to sell no more than a 40 percent stake in the company, raising as much as 350 million yuan ($51 million) for expansion, the source added.
Qingyuan declined to comment. ($1=6.829 Yuan) (Reporting by Fang Yan and Jacqueline Wong)