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Daimler Purchases 3.93% Stake In BAIC Group EV Subsidiary

Via CleanTechnica |

March 9th, 2018 by


The prominent German auto manufacturer Daimler — which owns Mercedes-Benz, the smart car brand, etc. — has acquired a 3.93% stake in Beijing Electric Vehicle Co, a subsidiary of China’s BAIC Group that is focused on the plug-in electric vehicle sector.

The stake acquisition represents part of a broader push in recent times by Daimler to deepen its involvement in China’s auto manufacturing sector — which is unsurprising considering that China is now home to the world’s largest auto market.

It should also be noted that, as car sales in Europe reach the point of permanently flatlining (or declining in the case of diesel cars), it makes sense for the firm to seek its fortunes elsewhere. After all, that’s what corporations do — whether they are ostensibly based in one country or not.

 

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