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July 23, 2019

BAIC buys a small slice of Daimler

Chinese joint venture partner Beijing Automotive Group (BAIC) has acquired about 5% of Daimler through Investment Global, a 100% subsidiary.

By Olly Wehring

Chinese joint venture partner Beijing Automotive Group (BAIC) has acquired about 5% of Daimler through Investment Global, a 100% subsidiary.

Daimler and BAIC have been linked through a long-standing strategic partnership since 2003.

The two companies have cooperated in production, research and development, and sale of passenger cars, vans and trucks, steadily expanding full manufacturing operations, including engines, in China.

Daimler in 2013 took an equity interest in BAIC Motor, a listed subsidiary of BAIC, and currently holds 9.55% of its shares.

Since 2018, Daimler has also held an interest of 3.01% in BAIC BluePark New Energy Technology, a manufacturer of electric vehicles for China.

"We are very pleased that our long-standing partner BAIC is now a long-term investor in Daimler. This step reinforces our successful partnership and is a signal of trust in the strategy and future potential of our company," said Daimler chairman Ola Kaellenius.

"The Chinese market is and remains a crucial pillar of our success – not only for sales, but also for our product development and production."

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