#twindrive

Volkswagen and Chinese automaker BYD (Build Your Dreams) have signed a “memorandum of understanding” announcing that the two car manufacturers will seek ways to work together to bring electric vehicles and hybrids to market.

Volkswagen recently announced its TwinDrive diesel-electric hybrid system and we recently reported on a rumor that the German automaker will bring an electric car to the Frankfurt Auto Show in September. BYD, which is now part-owned by Warren Buffett, already has a two plug-in gasoline-electric hybrids (the F3DM and the F6DM) on the road in China and plans to bring a full electric car (the e6, shown above) to market soon.

After an informal meeting in Germany, where BYD representatives had the chance to see VW’s facilities and drive the TwinDrive Golf (as well as the still-under-wraps electric car), the agreement was signed by Chairman of the Board of Management of Volkswagen AG, Dr Martin Winterkorn, and the Chairman of the Board of Management of BYD, Wang Chuanfu.

Official release after the jump: