Daimler AG’s long-term shareholder and partner in China, Beijing Automotive Group Co Ltd (BAIC), announced that it has been holding an increased stake in Daimler of 9.98 percent since 2019. This underlines the successful partnership to continue long-term success for Mercedes-Benz in China. Daimler owns a 9.55 percent stake in BAIC’s Hong Kong listed unit BAIC Motor as well as a stake of 2.46 percent in the Shanghai listed BAIC BluePark. According to an agreement between both parties, BAIC has confirmed to not further raise its stake in Daimler.
Ola Källenius, Chief Executive of Daimler AG and Mercedes-Benz AG:
“We welcome all long-term strategic shareholders who support our strategy. During our partnership with BAIC, China has emerged as the largest global market for Mercedes-Benz and as a key driver of the shift towards electric mobility and digitalization. BAIC’s shareholding is a reflection of their commitment to our joint successful manufacturing and development alliance in the world’s biggest car market.”
Daimler and BAIC’s partnership has been a role model for Sino-German cooperation for almost two decades. BAIC is the most important industrial partner for Mercedes-Benz in China. Jointly, both companies have made a significant contribution to the development of the Mercedes-Benz business in China.
Mercedes-Benz is committed to go “electric only” by 2030, wherever market conditions allow. China plays a major role in this strategy: By the end of 2021, there will be four Mercedes-Benz electric vehicles introduced to China: EQA, EQB, EQC and EQS. The EQA, EQB and EQC are locally produced and the localization of the EQE is planned for next year.