Automotive News   |   Automotive News Europe   |   Autoweek   |   Automobilwoche

Automotive News China Newsletter
Register our free newsletter, sent each Monday and Thursday

     Automakers   Suppliers   Auto Show   Comment   Car Cutaway   Newsletters   Press Releases   Chinese Version   Register for Newsletter
  Contact Us:   Editorial   Advertising   Subscription Information   |   About Us   Media Kit
Home >> Automaker Email this story   Print this story
 
Daimler purchases 3.93% stake in BAIC's EV unit
Automotive News China | 2018/3/9

Daimler acquired a 3.93 percent stake in the electric vehicle subsidiary of joint venture partner BAIC Motor Group Co. The deal will allow it to ¡°further deepen its understanding of Chinese consumers¡¯ needs¡± for EVs, Daimler said in a statement Wednesday. 

Daimler didn¡¯t disclose further details about the deal. 

The National Development and Reform Commission, China¡¯s central economic planning agency which approved the deal in February, said the acquisition was made by Daimler Greater China Investment Co., Daimler¡¯s investment arm in China.

Last month, Daimler Greater China Investment was permitted to buy part of the 4.79 percent interest that Jinggangshan New Energy Investment Management Co. holds in BAIC¡¯s EV subsidiary, according to information the commission disclosed on its website.

Jinggangshan New Energy Investment Management, headquartered in the south China city of Shenzhen, specializes in investing in renewable energy and alternative energy vehicles.

BAIC is seeking to list its EV subsidiary on the domestic stock market. 

The subsidiary, Beijing New Energy Vehicle Co. and established in 2009 in Beijing, focuses on the production and sale of electric passenger vehicles. 

Beijing New Energy Vehicle is 37.27-percent owned by BAIC. Its other shareholders include the Beijing municipal government and Xinshixinye Investment Management Co., an investment company in east China¡¯s Anhui province.

Beijing New Energy Vehicle is China¡¯s largest manufacturer of EVs. In 2017, its EV deliveries soared 98 percent to 103,199. 

Daimler and BAIC operate a passenger vehicle joint venture in Beijing that produces Mercedes-Benz sedans, crossovers and SUVs. They also operate a commercial vehicle partnership in the east China city of Fuzhou that builds Mercedes-Benz vans.

Daimler also runs an EV joint venture with BYD Co. which produces and sells EVs under the Denza brand.

Related Stories
  • Carmakers must report 2019 fuel economy, carbon credit estimates
  •     --Published:2018/7/12
     
  • Daimler weighs a larger stake in BAIC joint venture, sources say
  •     --Published:2018/7/12
     
  • Nio on track to deliver 10,000 vehicles in 2018
  •     --Published:2018/7/12
     
  • Chinese brands seek to crack Western Europe with EVs
  •     --Published:2018/7/12
     
  • Byton bullish about 2019 electric SUV production
  •     --Published:2018/7/12
     
  • GAC: Electrified vehicles to make up 10% of 2020 sales
  •     --Published:2018/27/11
     
  • MG to sell first electric car in Europe
  •     --Published:2018/27/11
     
  • Why foreign automakers in China feel no pressure to develop EVs
  •     --Published:2018/23/11
     
  • U.S. chipmaker Nvidia to provide AI platform for Chinese EV startups
  •     --Published:2018/23/11
     
  • Will electric trucks help China achieve its EV ambitions?
  •     --Published:2018/20/11
     
  • Beijing launches crackdown on low-speed EV production
  •     --Published:2018/13/11
     
  • Hong Kong EV startup Thunder Power to build EVs in Belgium
  •     --Published:2018/9/11
     
  • Big automakers set to sell same car to game Beijing rules
  •     --Published:2018/6/11
     
  • Ailing Faraday Future, short on cash, explores strategic options
  •     --Published:2018/6/11
     
     

    Our Newsletter Editions
    Automotive News China produces two email newsletters each week. You can sort your news by the articles highlighted in each of our newsletters here.

    Select your newsletter     

     
     

    Automotive News China
    Room 1303, Building 2, Lane 99, South Hongcao Road,
    Shanghai 200233
    Telephone: 86-139-1851-5816
    Fax: 86-21-6495-0895
     
    Home | Help Center | About Us | Privacy Policy | RSS
    Entire contents © Crain Communications, Inc.
    Use of editorial content without permission is strictly prohibited. All Rights Reserved.
    »¦ICP±¸06057291ºÅ