China

Daimler Acquires Stake in BAIC Subsidiary BJEV

Stuttgart-based OEM Daimler acquires a 3.93 % stake in Beijing Electric Vehicle (BJEV), a subsidiary of the BAIC Group. With this step, the group is continuing to pursue its electromobility strategy in the Chinese market.

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Daimler and the BAIC Group are intensifying their strategic cooperation in the New Energy Vehicles (NEV) sector: The Stuttgart-based company has acquired a 3.93 % stake in the BAIC subsidiary Beijing Electric Vehicle. In June last year, the companies signed a framework agreement to further strengthen their cooperation by investing in electric vehicles in China, which also included Daimler's intention to become a shareholder of BJEV.

Great Importance of the Chinese E-Mobility Market

According to Daimler, the intensified cooperation with both BAIC and BJEV will enable them to gain an even better understanding of the needs of Chinese customers, especially regarding electric vehicles.

Xu Heyi, CEO of the BAIC Group, explains: "New Energy Vehicles are one of the core business areas of the BAIC Group, and Daimler's investment in BJEV further underpins our partnership. With this cooperation in the NEV sector, both partners will drive forward the development of the renewable energy industry".

About Beijing Electric Vehicle Co.

BJEV was founded in 2009 by the BAIC Group as a development platform for new energy vehicles. As one of China's leading manufacturers of all-electric vehicles, BJEV's main business area comprises research and development, production, sales and service for new energy vehicles and NEV core components.

This article was first published by Automobil Industrie

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