China Beijing, 2021 Dec. 13--Beijing Automotive Group (hereinafter “BAIC Group”) announces its overweight to 9.98% stake in Daimler AG (hereinafter "Daimler") since initial investment in 2019, so as to strengthen long-term strategic partnership, and demonstrate mutual success and prospect for future development. Meanwhile, Daimler holds a 9.55% stake in BAIC Motor listed in Hong Kong and a 2.46% stake in BAIC Bluepark, its A-shares listed company. This cross-shareholding will boost their sound development and long-run success in Chinese markets.
BAIC Group has maintained a gold standard of Sino-German cooperation with Daimler that is one of the most important strategic partners of BAIC Group for the past 20 years. Their partnership significantly contributes to industrial cooperation, technological innovation as well as healthy economic and social development in both countries.
BAIC Group’s increase in stake reflects its full confidence in Daimler and strong supports as a long-term investor. BAIC Group values the mutual partnership that poses special implication to strategic development and bottom line while it keeps optimistic on the enormous potential of Daimler's future transformation.
In recent years, BAIC Group and Daimler have launched a series of high-end new energy vehicles in response to the trend of electrification, connectivity, intelligence and shared mobility in the automotive industry and help enable China's carbon neutrality goals. By the end of 2021, total four BEV models of Mercedes-Benz will come to China, including EQA, EQB EQC and EQS. Noteworthily, EQA, EQB and EQC have been put into production in China, so will be EQE next year.
According to an agreement between the two sides, BAIC Group has no plan to further increase its stake in Daimler nowadays.
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