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Daimler buys into BAIC Group’s subsidiary on electric cars
Online Edition
GERMAN carmaker Daimler said yesterday it will become a minority shareholder of Chinese automaker BAIC Group’s subsidiary Beijing Electric Vehicle Co.
Daimler and its Chinese partner BAIC Group signed a framework agreement on further strengthening the collaboration of new-energy vehicles in China, with the presence of Chinese Premier Li Keqiang and German Chancellor Angela Merkel in Germany.
“As outstanding representatives of the Chinese and German automotive industries, BAIC and Daimler have worked together for 12 years. The agreement is an important step by both sides towards the future development of new-energy vehicles,” said Xu Heyi, chairman of the BAIC Group.
Daimler announced that it will also invest on upgrading the current production facilities of Beijing Benz Automotive Co, a joint venture between Daimler and BAIC which was established in 2005.
Beijing Benz Automotive Co is the largest Mercedes-Benz passenger car production hub worldwide for Daimler, according to the company.
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