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China's BAIC picks 5% stake in Daimler
China’s state-owned BAIC has taken a 5 per cent stake in Daimler, whose top shareholder for the past year has been rival Chinese carmaker Geely, the luxury German automaker said on Tuesday.
Berlin: China's state-owned BAIC has taken a 5 per cent stake in Daimler, whose top shareholder for the past year has been rival Chinese carmaker Geely, the luxury German automaker said on Tuesday.
Daimler, which produces the luxury brand Mercedes-Benz, has long worked with BAIC in China and has previously said it was possible that BAIC could purchase a stake in its capital.
"We are very pleased that our long-standing partner BAIC is now a long-term investor in Daimler," chief executive Ola Kallenius said in a statement.
"This step reinforces our successful partnership and is a signal of trust in the strategy and future potential of our company," he added.
Daimler has long worked with Beijing Automotive Group Co Ltd (BAIC) in China and has previously said it was possible that BAIC could purchase a stake in its capital.
The two companies have been partners in the production of Daimler vehicles in China and Daimler owns a nearly 10 per cent stake in BAIC Motor, a listed BAIC subsidiary.
