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Christopher Bruce2013-11-19 17:06:19

Mercedes Buys 12% of Chinese Partner BAIC

It is the first time that a foreign automaker has bought a stake in a Chinese automaker

 
 
Slideshow
Daimler has put two members onto the BAIC board of directors

DaimlerDaimlerDaimlerGermany, 1889 > present12 models
77 photos
1 video
has completed its 12% purchase of Chinese joint venture partner Beijing Automotive GroupBeijingBeijingChina, 1952 > present1 model
8 photos
(BAIC). It is the first time that a foreign automaker has bought a stake in a domestic Chinese automaker. The company wants to make a long-term financial investment in China, and this is one of the first steps toward that goal.

“This strategic investment proves our long-term commitment to both the key market China and our trusted partner BAIC Motor. Going forward, the cooperation between Daimler AG and BAIC Motor will contribute towards increasing our footprint in China and so enable us to actively participate even better in the huge opportunities the Chinese automotive market offers,” said Daimler Chairman Dr. Dieter Zetsche.

Daimler and BAIC has been partners in China for the last decade and build the C-ClassC-Class Gen.4Mercedes-Benz C-Class Gen.4Germany, 2007 > 2013285 versions
444 photos
, E-ClassE-Class Gen.5Mercedes-Benz E-Class Gen.5Germany, 2009 > present488 versions
755 photos
, GLK-ClassGLK-ClassMercedes-Benz GLK-ClassGermany, 2008 > present29 versions
59 photos
and vans there. They will build the GLA-ClassGLA-ClassMercedes-Benz GLA-ClassGermany, 2013 > present32 versions
72 photos
in China starting in 2014.

As part of the purchase, Daimler has placed Hubertus Troska, its head of Chinese region, and Bodo Uebber, Daimler’s Chief Financial Officer, onto the BAIC Board of Directors.

“This is another historical milestone in a partnership that has already seen great success in the past, with joint production and sales activities ranging from passenger cars to trucks,” said BAIC Chairman Xu Heyi.

BAIC sold 1.7 million cars in 2012. MercedesMercedes-BenzMercedes-BenzGermany, 1924 > present197 models
9896 photos
33 videos
sold 210,000 cars in China in 2012. Since then, it has added 75 new dealers in the country.

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