Daimler likely will realize a long-pursued goal of becoming a majority shareholder of a passenger vehicle joint venture with BAIC. later this year, according to a Chinese media report.
Daimler has “largely completed negotiations with BAIC” on raising its stake in the partnership and the deal may happen “within this year,” Cailian Press, a Shanghai government-affiliated news agency, reported, citing sources close to the matter.
Cailian Press did not reveal to what extent Daimler plans to raise its interest in the joint venture known as Beijing Benz Automotive Co.
Beijing Benz was established in 2005 in Beijing. It is 51 percent owned by BAIC, with the remaining 49 percent interest held by Daimler.
Beijing Benz produces eight models for Mercedes: four gasoline sedans – the A-Class, C-Class and E-Class and AMG A 35; three gasoline crossovers – the GLA, GLB and GLC, and the EQC all-electric crossover.