On December 13, BEIJING AUTOMOTIVE Group Co., Ltd. announced that it has held 9.98% of Daimler AG's shares in 2019 through continued investment; the two sides fully recognize the success of long-term cooperation in the past and attach importance to future development.
At the same time, Daimler Group holds 9.55% of the shares of BAIC Group listed companies in Hong Kong, and holds 2.46% of the shares of BAIC Group in A-share listed companies.
Through this increase, BAIC will surpass Geely to become Daimler's largest shareholder. In February 2018, Geely Group Co., Ltd. announced that it had acquired 9.69% of the voting shares of Daimler AG through its overseas corporate entities.
The information shows that cross-shareholding will help the high-quality development and long-term success of both parties in the Chinese market. According to the agreement between the two parties, BAIC Group has no plans to further increase its stake in Daimler Group.
At present, Beijing Benz, a joint venture between BAIC Motor and Daimler, is still a leading brand in China's luxury car market.
In 2012, BEIQI Foton Motor Co., Ltd. ("BEIQI Foton"), which is controlled by BAIC Group, and Daimler established a joint venture to produce medium- and heavy-duty trucks.
In March 2016, BAIC Group acquired 35% of the shares of Fujian Benz Automobile Co., Ltd. (hereinafter referred to as "Fujian Benz"), completing the "great unification" of the Mercedes-Benz brand in China.
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