China's BAIC Holds About 5% in Daimler
July 23 2019 - 3:02AM
Dow Jones News
By Max Bernhard
Daimler AG (DAI.XE) said Tuesday that China's state-owned auto
maker Beijing Automotive Group Co. has taken a roughly 5% stake in
the company.
Chief Executive Ola Kallenius said the company is "very pleased
that our long-standing partner BAIC is now a long-term investor in
Daimler." The Chinese market remains crucial for the company's
success, he added.
BAIC acquired the stake in Daimler through its subsidiary
Investment Global Co. Ltd, the company said.
Daimler and BAIC have been in a strategic partnership since
2003. Daimler holds about 9.6% of BAIC subsidiary BAIC Motor Corp
(1958.HK) and about 3% percent in BAIC BluePark New Energy
Technology Co., which produces electric vehicles for the Chinese
market.
Write to Max Bernhard at max.bernhard@dowjones.com;
@mxbernhard
(END) Dow Jones Newswires
July 23, 2019 02:47 ET (06:47 GMT)
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