Beijing, 23 July 2019. Beijing Automotive Group Co., Ltd. ("BAIC") underlines its longstanding strategic partnership with Daimler AG ("Daimler") through an investment in Daimler. BAIC has acquired a 5 % stake of the share capital in Daimler AG which comprises 2,48 % of direct shareholdings and a right to acquire additional voting rights equaling 2,52 % of Daimler's share capital. The investment underscores the successful long-term cooperation of both companies, reaffirms the strong mutual interests as well as the potential of future prospects. Since 2013, Daimler is invested in BAIC Motor, the Hongkong listed subsidiary of BAIC, where Daimler is also represented on the Board.
 

"BAIC and Daimler have been successfully cooperating for more than a decade and our partnership is built on trust and mutual benefits. It has been our intention to strengthen our alliance with Daimler through an investment. This step reinforces our alignment with, and strong support for, Daimler's management and strategy," said Heyi Xu, Chairman of BAIC. "We see our joint partnership as an excellent example of Sino-German collaboration and a model for the cooperation between companies of our countries. We look forward to continuing our successful cooperation," he continued.
 

Since 2005, BAIC and Daimler have set up various extensive long-term strategic alliances in China. These include BAIC Motor's joint venture with Daimler, Beijing Benz Automotive Company ("BBAC"), which is now a leader in premium cars in China, as well as the joint distribution of cars through Beijing Mercedes-Benz Sales Service Co., Ltd.
 

In 2012, Beiqi Foton Motor Co., Ltd., an affiliate of BAIC, formed a joint venture with Daimler for medium and heavy duty trucks. In March 2016, BAIC acquired a 35 % stake in Fujian Benz Automotive Co. Ltd., putting all Mercedes-Benz vehicles under the same partnership framework.
 

In 2013, Daimler invested in BAIC Motor, the Hong Kong listed subsidiary of BAIC. Since then, Daimler has a representation on the Board of Directors of BAIC Motor, and now owns 9.55 % of the shares. In 2018, BBAC acquired a Beijing Shunyi manufacturing plant from BAIC. In the same year, Daimler acquired a stake in Beijing Electric Vehicle Co., Ltd. of BAIC. The company was listed in 2018 and renamed BAIC BluePark New Energy Technology Co., Ltd.. Daimler now owns a 3.01 % stake in the company.

Now, BAIC and Daimler operate Daimler's largest overseas R&D center in Beijing. In 2018, 485,000 locally produced passenger vehicles by the joint venture were sold in the Chinese market. In the first half of 2019, BBAC maintained high momentum with 282,000 units delivered.

 

About Beijing Automotive Group Co., Ltd.
Founded in 1958, Beijing Automotive Group Co., Ltd. ("BAIC") is one of China's largest automobile groups. It is also one of the leading new energy vehicle manufacturers in China. BAIC operates a comprehensive suite of products and services focused on the full automotive value chain, including manufacturing, research and development, services, trade to finance and investment. In the financial year 2018, the Group generated revenues of EUR 62 billion (RMB 480.7 billion, approx. USD 70 billion). BAIC has sold over 2.4 million vehicles through its subsidiaries and joint ventures and employed approximately 127,000 people worldwide across all its subsidiaries and joint ventures. BAIC was ranked 129th in the 2019 Fortune Global 500 ranking. Further information is also available at

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