Daimler completes acquisition of 3,93% stake in BJEV

Daimler has completed the acquisition of a stake in BAIC’s subsidiary Beijing Electric Vehicle (BJEV) as announced last year. The German carmaker owns now almost four percent of the Chinese specialist for EVs and PHEVs.

In June 2017, Daimler and BAIC agreed on a framework agreement to tighten relations by expanding their cooperation towards hybrid and electric vehicles. The deal was sealed with the Chinese Prime Minister Li Keqiang and Chancellor Angela Merkel in attendance in Berlin. Daimler seeks to deepen its understanding of Chinese consumers’ needs, especially in the field of electrified vehicles.

“Electric mobility is one of the pillars of Daimler’s future mobility strategy. We are fully dedicated to bringing this strategy forward globally and especially in China, the world’s largest NEV market already today”, states Hubertus Troska, Member of Daimler’s Board of Management and responsible for Greater China. And Xu Heyi, Chairman of BAIC Group, adds: “BAIC Group and Daimler have long maintained a deep, strategic partnership. New Energy Vehicles are one of BAIC Group’s core business areas, and Daimler’s investment in BJEV further expands our partnership, taking the cooperation between BAIC and Daimler into an entirely new stage of development.”
reuters.com, media.daimler.com