Photo: Daimler AG
After yesterday we told you about Daimler AG opening their first ever engine plant outside Germany in China and then about a rumor which said that the Germans are about to buy a 12 percent stake in BAIC Motor, today it's time to bring yet another Daimler AG report from China.
It seems that what we reported last night is entirely true, as Daimler AG has just become the first non-Chinese car company to acquire an interest in a Chinese OEM, right before BAIC was getting ready to launch an initial public offering (IPO).
“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 Dr. Dieter Zetsche from behind that fabulous mustache.
All the above also means that Daimler AG will get two seats on the board of BAIC Motor – one for Hubertus Troska and one for Bodo Uebber. On top of it, BAIC will increase its stake in the Beijing Benz Automotive Corporation (BBAC) to 51 percent, while Daimler will also increase its stake in the Mercedes-Benz Sales Service Corporation (BMBS) from 50 to 51 percent.
“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 Dr. Dieter Zetsche from behind that fabulous mustache.
All the above also means that Daimler AG will get two seats on the board of BAIC Motor – one for Hubertus Troska and one for Bodo Uebber. On top of it, BAIC will increase its stake in the Beijing Benz Automotive Corporation (BBAC) to 51 percent, while Daimler will also increase its stake in the Mercedes-Benz Sales Service Corporation (BMBS) from 50 to 51 percent.
Google News