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Daimler makes history with stake in BAIC Motor
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Germany’s Daimler AG yesterday completed the purchase of a 12 percent stake in its long-time partner BAIC Motor, the first-ever investment in a Chinese automotive company by a non-Chinese enterprise.
As part of the deal the two companies signed in Stuttgart earlier this year, BAIC Motor, the passenger car unit of Beijing Automotive Group (BAIC Group), will also raise its stake in the production joint venture with Daimler, Beijing Benz Automotive Corp, by 1 percent to 51 percent. Daimler will increase its interest in the integrated sales JV, Beijing Mercedes-Benz Sales Service Corp, by 1 percent to 51 percent.
“This is another historical milestone in a partnership that has already seen great success in the past, with joint production and sales activities ranging from passenger cars to trucks,” said Xu Heyi, chairman of BAIC Group, which celebrates 10 years of cooperation with Daimler.
Dieter Zetsche, chairman of Daimler and head of Mercedes-Benz Cars, said the cooperation between Daimler and BAIC Motor will help “increase our footprint in China and so enable us to actively participate even better in the huge opportunities the Chinese automotive market offers.”
The deal is set to boost BAIC Motor’s possible initial public offering in the future.
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