China’s BAIC has bought a 5 per cent stake in Daimler for about €2.5bn in a move analysts said was aimed at cementing the carmaker’s partnership with the German luxury automotive group and preventing rival Geely from undermining the alliance.
BAIC chairman Xu Heyi said in a statement that the investment was intended to strengthen the company’s ties with Daimler, which has held a stake in the Chinese carmaker’s Hong Kong-listed arm, BAIC Motor, since 2013.
Chinese carmaker Geely, which owns Volvo Cars and Lotus, acquired a 9.69 per cent stake in Mercedes-Benz-manufacturer Daimler for $9bn in early 2018 in a sign of the group’s global ambitions.
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