China's Beijing Automotive Group Co Ltd (BAIC) has bought a 5per cent stake in Daimler, cementing their long-standing alliance after China's Geely ...
FRANKFURT/BEIJING: China's Beijing Automotive Group Co Ltd has bought a 5per cent stake in Daimler, cementing their long-standing alliance after China's Geely emerged as a potential rival by also taking a stake in the German automaker.
Reuters reported in May that BAIC was seeking to buy a stake of up to 5per cent in Daimler as a way to secure its investment in Beijing Benz Automotive. Shares in Daimler rose by more than 2.5per cent, while BAIC's listed subsidiaries, BAIC Motor Corp and BAIC BluePark New Energy Technology, climbed by more than 3per cent and 5per cent respectively after the news.
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