China’s BAIC buys 5% Daimler stake to cement alliance
Chair Heyi Xu says acquisition reinforces support for German carmaker
23 July 2019 - 18:00
Frankfurt/Beijing — China’s Beijing Automotive Group (BAIC) has bought a 5% stake in Daimler, cementing their long-standing alliance after China’s Geely emerged as a potential rival by also taking a stake in the German automaker.
BAIC has been Daimler’s main partner in China for years, operating Mercedes-Benz factories in Beijing through Beijing Benz Automotive...
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