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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.

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