Daimler acquires 3.93% stake in Beijing Electric Vehicle Company

by Autocar Pro News Desk , 12 Mar 2018

Daimler acquires 3.93% stake in BJEV

Daimler extends its interests into the New Energy Vehicles (NEV) in China by acquiring a 3.93 percent stake in Beijing Electric Vehicle Company (BJEV), a BAIC Group subsidiary.

In June last year, Daimler and BAIC signed a framework agreement on further strengthening collaboration through investment for New Energy Vehicles in China, which included Daimler’s intention to become a shareholder in BJEV. This closer cooperation with both BAIC and BJEV will allow Daimler to further deepen its understanding of Chinese consumers’ needs, especially in the field of 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, already the world’s largest NEV market today”, said Hubertus Troska, Member of the Board of Management, Daimler AG, responsible for Greater China. 

Xu Heyi, chairman, BAIC Group, said: “Through this strategic cooperation in the NEV field, BAIC Group and Daimler will promote the development of the new energy industry." 

Beijing Electric Vehicle Company was established in 2009 by the BAIC Group as a development platform for NEV. BJEV’ s primary business scope covers research and development, production, as well as sales and services for NEVs and core NEV components.

Also Read: Daimler to expand local Mercedes-Benz production with BAIC in China