FRANKFURT -- Daimler AG is looking for a Chinese investor that could take a 5 to 10 percent stake in the luxury carmaker, reported Germany's Manager magazine, citing company sources.
The magazine said Daimler CFO Bodo Uebber had hired an investment bank to arrange a potential deal. China Investment Corp., the country's sovereign wealth fund, is considered the front-runner, the magazine reported.
Daimler declined to comment on the report, and China Investment was not immediately available for comment.
Daimler CEO Dieter Zetsche said last July that he would welcome additional investors from China, but added that he did not think the Chinese would try to take control.
China, the world's largest auto market, has become a key source of sales and profits for Daimler and other automakers. Daimler's Mercedes-Benz unit is counting on sales growth in China to help recapture the global luxury sales crown from BMW.
In China, Volkswagen AG's Audi brand is the top-selling luxury automaker, followed by BMW and Mercedes-Benz.