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Daimler says BAIC will not further increase its 9.98% stake -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: Daimler’s logo can be seen at the annual shareholder meeting of the carmaker in Berlin (Germany), April 5, 2018. REUTERS/Hannibal Hanschke/File Photo

BERLIN, (Reuters) –Daimler announced Monday that Beijing Automotive Group Co Ltd (BAIC), its Chinese shareholder, has agreed not further increase its 9.98% stake in the German luxury automaker.

Daimler (OTC-:) reported that it owns a 9.55% stake at BAIC Motor and 2.46 percent stake in BAIC BluePark.

Daimler’s Monday news is the first official confirmation of these acquisitions since 2019.

Daimler released a statement saying that this “underlines the successful partner to continue the long-term successes of Mercedes-Benz China”.

The state-owned BAIC, which has served as Daimler’s principal partner in China since years, operates Mercedes-Benz factories through Beijing Benz Automotive. They have been working together in various areas, including production and research and development.

BAIC Group stated Monday that the partnership between Daimler Group and BAIC Group was a good example of Sino-German cooperation.

The company expressed confidence in Mercedes-Benz’s future potential for electro-mobility.

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