Mercedes Benz Group AG (MBGAF)

[TPX]

E-car leader BAIC becomes Daimler’s second major Chinese investor

24 Jul 2019

Die Welt
Carmaker BAIC has become the second major Chinese investor in Daimler, bringing its electric mobility know-how to the German firm, Florian Gehm reports for Die Welt. BAIC sold nearly 165,000 e-cars in 2018, making it the world’s third biggest producer. It has acquired a 5 percent stake in Daimler. Chinese businessman Li Shufu, head of carmaker Geely, acquired nearly 10 percent of the German company last year. Daimler’s new CEO Ola Källenius said “we welcome very much that BAIC, a partner for many years, now also has become a long-term oriented investor.”

Like all German carmakers, Daimler faces the challenging shift to e-mobility and digitalised mobility services. In March, Daimler announced that its Smart brand would become pure electric, with production in China, the world’s largest car market. The company reported a one-off related loss for the second quarter, vowing to cut cost.

https://www.cleanenergywire.org/news/e-car-leader-baic-becomes-daimlers-second-major-chinese-investor