Chinese automaker BAIC has held 9.98 percent of German automaker Daimler’s share capital since 2019, more than initially announced. That makes China’s state-controlled BAIC immediately the largest shareholder in Daimler, also ahead of Chinese automaker Geely, which owns 9.7 percent of the shares, and Daimler with nearly 20 percent in Chinese hands.
Until now BAIC was believed to own a five per cent stake in Daimler. Daimler and BAIC have been cooperating in production, research and development and sales since 2013.
“This confirms the success of our partnership aimed at continuing the long-term success of Mercedes-Benz in China,” said the Stuttgart-based group.
According to Daimler, which itself holds a 9.55 percent stake in the BAIC-listed subsidiary BAIC Motor, BAIC has pledged in an agreement not to acquire any further shares in the German automaker.
Geely, another Chinese shareholder in Daimler, also owns Volvo Cars, with which it cooperates for the Polestar brand, and is the largest shareholder in Lotus Cars.
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