Chinese BAIC is buying a 5 percent stake in Daimler to further strengthen its relationship with the German vehicle manufacturer.
Ola Kallenius, CEO of Daimler, said that "BAIC, which has long been cooperating with Daimler, is now a long-term investor in a German company."
Daimler's largest owner since early 2018, with a 9.69 percent stake, is Geely in China, followed by the Kuwait State Trust (KIA) with a stake of about 7 percent.
Daimler Group and BAIC joint venture Beijing Benz Automotive Co., Ltd. (BBAC) have been jointly manufacturing cars in the Asian countries for many years and are currently building a battery plant in Beijing.
(Source: vadess.hu / Photo: pixabay.com)