Photo: Mercedes-Benz
Over the weekend, the most expansive of all Chinese-based automakers, Geely, entered history books after it acquired nearly 10 percent of Daimler’s stock, through a personal investment made by the company's CEO, Li Shufu. Geely's target is set on benefiting from German technology in electric mobility.
Daimler confirmed the news in a very short and concise statement but did not recognize Geely as a shareholder, but the company’s leader, Li Shufu. Even so, shares in Geely Automobile rose on Monday by 6.5 percent.
Also on Monday Daimler made another announcement, this time regarding its long-lasting partnership with another German company, BAIC. The Germans, together with their Chinese partners on the local market, will invest 1.5 billion euro ($1.85 billion) in the expansion of their Beijing Benz Automotive (BBAC) joint venture.
The investment is supposed to support the establishment of new production lines for premium vehicles. The money will go to both modifying an existing BAIC production facility and building a new facility in Beijing.
“Local production is a strong pillar of our sustainable development in China. By deepening our cooperation with our local partner BAIC, BBAC will continue playing a key role for Mercedes-Benz in China,” said Hubertus Troska, Member of the Board of Management of Daimler AG, responsible for Greater China.
“This production capacity expansion for BBAC will allow us to meet the expected growing demand for premium passenger cars in China, including for electric vehicles.”
China is Mercedes-Benz’s largest market, having sold in 2017 430,000 vehicles. In the Asian country, the Germans together with their local partners manufacture several car models, including the C-Class, E-Class, GLA, and GLC. The BBAC joint venture is Mercedes-Benz's largest passenger car production plant worldwide in terms of output.
Also in China Mercedes-Benz will produce starting 2019 the first electric vehicle from its EQ brand, the EQC, which will be unveiled in production-ready form at the Geneva Motor Show next month.
Also on Monday Daimler made another announcement, this time regarding its long-lasting partnership with another German company, BAIC. The Germans, together with their Chinese partners on the local market, will invest 1.5 billion euro ($1.85 billion) in the expansion of their Beijing Benz Automotive (BBAC) joint venture.
The investment is supposed to support the establishment of new production lines for premium vehicles. The money will go to both modifying an existing BAIC production facility and building a new facility in Beijing.
“Local production is a strong pillar of our sustainable development in China. By deepening our cooperation with our local partner BAIC, BBAC will continue playing a key role for Mercedes-Benz in China,” said Hubertus Troska, Member of the Board of Management of Daimler AG, responsible for Greater China.
“This production capacity expansion for BBAC will allow us to meet the expected growing demand for premium passenger cars in China, including for electric vehicles.”
China is Mercedes-Benz’s largest market, having sold in 2017 430,000 vehicles. In the Asian country, the Germans together with their local partners manufacture several car models, including the C-Class, E-Class, GLA, and GLC. The BBAC joint venture is Mercedes-Benz's largest passenger car production plant worldwide in terms of output.
Also in China Mercedes-Benz will produce starting 2019 the first electric vehicle from its EQ brand, the EQC, which will be unveiled in production-ready form at the Geneva Motor Show next month.
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