Daimler has acquired a 15% stake in dealer group LSH Auto International, a subsidiary of Lei Shing Hong, one of the biggest Mercedes-Benz dealers worldwide.

Finance chief Bodo Uebber said: "With this transaction we affirm our long and successful cooperation with Lei Shing Hong. At the same time, we strengthen our Mercedes-Benz dealer network and meet the challenges in the coming years together."

KS Gan, group managing director of Lei Shing Hong, added: "Lei Shing Hong welcomes Daimler's investment. We both share a common vision and passion. This investment by Daimler brings the existing relationship and cooperation to a new height." 

Lei Shing Hong Group, based in Hong Kong, is one of the world's biggest M-B dealer groups. It operates about 200 sales and services centres focused on Asia and Australia. Since 2015, LSH has expanded internationally and now has facilities in Germany and Great Britain.

"Together with our excellent sales partners, we are optimising our potential in China, the world's largest sales market for Mercedes-Benz. The longstanding and successful relationship with our partners is the cornerstone of this success," said Hubertus Troska, head of Daimler Greater China.

"Lei Shing Hong's business focus used to be in Asia. Having witnessed the impressive performance in LSH's Asian markets, we highly welcome the international expansion of its retail business to Europe and other parts of the world."

Daimler said the investment is "a strategically important step for both parties, with the aim of bringing one of the world's biggest dealer groups for Mercedes-Benz cars to a new era and to other markets".

Till Conrad, who heads overseas sales at Mercedes-Benz, will become LSH CEO this August.