Daimler stake in BAIC unit

Source:Reuters Published: 2018/3/8 21:28:40

Daimler said on Thursday it would deepen its cooperation with China's BAIC Group in the area of new-energy vehicles, even as rival Geely seeks to gain access to the German carmaker's electric vehicle technologies.

Daimler said it has bought a 3.93 percent stake in Beijing Electric Vehicle Co, a subsidiary of BAIC Group.

Hubertus Troska, Daimler's board member responsible for China, said that the investment in BJEV marks yet another milestone in the strong cooperation between Daimler and BAIC for new-energy vehicles in China.

Geely chairman Li Shufu last month revealed he had built up an almost 10 percent stake in Daimler.

Posted in: COMPANIES

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