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BAIC Not To Increase Its Stake In Daimler From 9.98%

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.

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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.

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The two companies through this association have already collaborated in areas like production, research, development, and sales for almost two decades.

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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.