China’s BAIC buys 5% stake in Daimler
FRANKFURT —
China’s Beijing Automotive Group Co.
has bought a 5 percent stake in Daimler,
cementing its relationship with the German automaker after China’s Zhejiang Geely Holding emerged as a potential rival.
BAIC
was Daimler’s main partner in China until 2018 when Geely chairman Li Shufu took a 9.69 percent Daimler stake with the aim of forging an alliance to develop electric and self-driving cars.
Daimler
in March agreed to build the next generation of Smart cars as EVs in China for global markets in a joint venture with Geely.
Daimler
has reassured BAIC that any new industrial alliances involving Mercedes and a Chinese partner would only happen after a consensus is found with BAIC.
Daimler operates Mercedes-Benz factories in Beijing through Beijing Benz Automotive,
https://www.autonews.com/automakers-suppliers/chinas-baic-buys-5-stake-daimler
Daimler gets investment from China’s BAIC after Geely buys a stake – Autoblog
https://www.autoblog.com/2019/07/23/daimler-mercedes-benz-baic-geely-china/