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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