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Business

DaimlerChrysler Unveils New Car

DaimlerChrysler unveiled a 'bionic' diesel-powered concept car Tuesday that would vastly improve fuel economy while meeting strict pollution standards. The German-US automaker also confirmed it would be investing $40 billion (32.4 billion euros) in North America over the next five years to introduce new models and upgrade its facilities. At a company-sponsored technology symposium in Washington, top executives of the auto giant introduced the car using a "boxfish" shape to improve aerodynamics and a diesel engine that would meet tough US emission standards in all 50 states, a spokesman said. The Mercedes-Benz concept car would increase the fuel economy advantage of diesel, getting 70 miles (112 kilometers) to the gallon (3.8 liters), DaimlerChrysler said. In the EU driving cycle, the concept car had a fuel consumption of 4.3 liters per 100 kilometers. Separately, sources close to DaimlerChrysler AG and General Motors said the two firms would each invest up to $500 million dollars in a joint venture to develop a two-mode hybrid propulsion system. The sources added that the joint venture development center will be set up in Troy, Michigan, and that other German carmakers are interested in joining the joint venture project with GM.

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