FRANKFURT -- Daimler has bought a 3.93 percent stake in Beijing Electric Vehicle, a subsidiary of BAIC Group, as the German automaker said it would deepen its cooperation with the Chinese company.
The move comes after Geely Chairman Li Shufu bought an almost 10 percent stake in Daimler in a bid to gain access to the German company's electric-vehicle technologies.
"The investment in BJEV marks yet another milestone in the strong cooperation between Daimler and BAIC for New Energy Vehicles in China, and it underlines our commitment to the further development of electric mobility,"Hubertus Troska, Daimler's board member responsible for China, said in a statement.
Xu Heyi, Chairman of BAIC Group, said: "BAIC Group and Daimler have long maintained a deep, strategic partnership. New Energy Vehicles are one of BAIC Group's core business areas, and Daimler's investment in BJEV further expands our partnership, taking the cooperation between BAIC and Daimler into an entirely new stage of development."