TNI || New Delhi || 12th Dec 2021
Auto giant, Daimler has confirmed that its Chinese shareholder, Beijing Automotive Group Co Ltd, has agreed not to increase its stake beyond 9.98% in the German luxury carmaker.
BAIC has held this stake since 2019. The company confirms it has a nine and a half percent stake in BAIC Motor and another 2.46% in BAIC BluePark.
This is the first public announcement made by Daimler regarding the acquisition. State-owned BAIC has continued to be the main partner for Mercedes Benz in China for years and also functions Mercedes Benz facilities in Beijing via Beijing Benz Automotive.
The two companies through this association have already collaborated in areas like production, research, development, and sales for almost two decades.
BAIC, in a statement, went on to say that the partnership between the two has been a model of Sino-German cooperation and that it was also confident of Mercedes-Benz’s potential of transforming into e-mobility.