Daimler acquires a 3.93% stake in BAIC’s EV division

Daimler acquires a 3.93% stake in BAIC’s EV division

Daimler has announced it has purchased a 3.93% stake in Beijing Electric Vehicle (BJEV), a subsidiary of China’s BAIC Group, to strengthen its partnership in the area of new energy vehicles (NEV).

“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. The investment in BJEV marks yet another milestone in the strong cooperation between Daimler and BAIC for new energy vehicles in China, and it underlines our commitment to the further development of electric mobility in this country.” said Hubertus Troska, Daimler’s board member responsible for China.

“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,” added Xu Heyi, chairman of BAIC Group.

Daimler acquires a 3.93% stake in BAIC’s EV division

The move comes several days after BAIC’s rival, Zhejiang Geely Holding (ZGH), became Daimler’s largest shareholder after Li Shufu acquired a 9.69% stake in the German company. Geely hopes its position within the parent company of Mercedes-Benz will allow it to have access to electric and autonomous driving technology.

Even so, Reuters reports that Dieter Zetsche, CEO of Daimler, said any industrial alliance between Daimler and Geely will depend on whether current partner BAIC agrees. “We would like to have consensus with our Chinese partner. We will examine everything if it is in keeping with the wishes of our partner,” Zetsche said.

Daimler’s involvement in China also includes a 50:50 joint venture with BYD Auto in the form of Shenzhen BYD Daimler New Technology, which develops and manufactures luxury electric cars sold under the Denza brand.

Looking to sell your car? Sell it with Carro.

10% discount when you renew your car insurance

Compare prices between different insurer providers and use the promo code 'PAULTAN10' when you make your payment to save the most on your car insurance renewal compared to other competing services.

Car Insurance

Gerard Lye

Originating from the corporate world with a background in finance and economics, Gerard’s strong love for cars led him to take the plunge into the automotive media industry. It was only then did he realise that there are more things to a car than just horsepower count.

 

Comments

  • Abang Alza Pakai Topi on Mar 09, 2018 at 10:55 am

    Daimler Geely Volvo BAIC terbaik !

    Like or Dislike: Thumb up 2 Thumb down 1
  • Geely can make it easy by buying out BYD portion of the share.

    Like or Dislike: Thumb up 4 Thumb down 0
  • Samuel Toh on Mar 09, 2018 at 11:04 am

    Gerard how much is 3.93% of BAIC EV division? We like to know.

    Cause 49.9% of entire Proton only RM170 million

    Like or Dislike: Thumb up 0 Thumb down 0
    • Only RM170 million?!! Liddat so cheap Deswai Proton too big to fail

      Like or Dislike: Thumb up 0 Thumb down 0
    • Oh. About RM 460million. https://paultan.org/2017/06/23/proton-geely-fsp-deal-in-detail-what-drb-hicom-geely-and-the-malaysian-government-will-be-getting/

      Like or Dislike: Thumb up 0 Thumb down 0
  • 12yrsold on Mar 09, 2018 at 11:06 am

    If the President of China tell Geely, BAIC & BYD Auto to collaborate to make a better new energy vehicles (NEV) for China, U think any of these company dare to oppose !!?

    Like or Dislike: Thumb up 1 Thumb down 1
  • Not Toyota Fan on Mar 09, 2018 at 11:13 am

    Essentially, Daimler giving Geely the finger.

    Next time Geely come asking, just cite this & state conflict of interest.

    Like or Dislike: Thumb up 0 Thumb down 1
  • azrai on Mar 09, 2018 at 12:28 pm

    I think the next step for Geely owner is to buy 20% stake in BAIC instead. So Daimler has to say yes for the technology sharing.

    Like or Dislike: Thumb up 4 Thumb down 0
 

Add a comment

required

required