Daimler long-term shareholder and joint venture partner in China, Beijing Automotive Group, announced it had been holding an increased stake in the German automaker of 9.98% since 2019.

Daimler in turn owns a 9.55% stake in BAIC’s Hong Kong listed unit BAIC Motor as well as 2.46% in the Shanghai listed BAIC BluePark.

According to an agreement between both parties, BAIC has confirmed to not further raise its stake in Daimler.

Daimler CEO Ola Kaellenius said: “We welcome all long-term strategic shareholders who support our strategy. During our partnership with BAIC, China has emerged as the largest global market for Mercedes-Benz and as a key driver of the shift towards electric mobility and digitalisation.

“BAIC’s shareholding is a reflection of their commitment to our joint successful manufacturing and development alliance in the world’s biggest car market.”

By the end of 2021, four Mercedes electric vehicles will have been launched in China: EQA, EQB, EQC and EQS. The EQA, EQB and EQC are locally produced and the ‘localisation’ of the EQE is planned for 2022.

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