Beijing Automotive Group secures five percent stake in Daimler

July 23, 2019 | Author: | am

Filed Under: MotorNews

Beijing Automotive Group secures five percent stake in Daimler The Chinese Beijing Automotive Group (BAIC) has secured a 5 percent stake in Daimler. In addition to a direct participation of 2.48 percent have secured the right to acquire additional voting rights in the amount of 2.52 percent, said BAIC on Tuesday in Beijing. The acquisition of shares will underline and strengthen the previous cooperation.

Investment from BAIC is welcomed by Ola Källenius

Daimler CEO Ola Källenius welcomed the investment of the Chinese cooperation partner Beijing Automotive Group. The step was a signal of confidence in the strategy and the future potential of the company. The Chinese market remains a crucial pillar for Daimler.

Daimler also owns a stake in BAIC

According to the announcement, Daimler has been involved in BAIC Motor, a Hong Kong-listed subsidiary of BAIC, since 2013, and is also represented on its board of directors. Both Companies have been working together since 2005 on various strategic alliances in China.

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Daimler Daimler AG (German pronunciation: [ˈdaɪmlɐ aːˈɡeː]; formerly DaimlerChrysler) is a German multinational automotive corporation. Daimler AG is headquartered in Stuttgart, Baden-Württemberg, Germany. By unit sales, it is the thirteenth-largest car manufacturer and second-largest truck manufacturer in the world. In addition to automobiles, Daimler manufactures buses and provides financial services through its Daimler Financial Services arm. Read more

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