Daimler takes 3.93% stake in Beijing Electric Vehicle Company

by BPVA on 09 March 2018

Daimler takes 3.93% stake in Beijing Electric Vehicle Company

Expanding its strategic footprint in the field of New Energy Vehicles (NEV) in China, Daimler has acquired a 3.93% stake in Beijing Electric Vehicle Co., Ltd. (BJEV), a BAIC Group subsidiary. In June last year, Daimler and BAIC signed a framework agreement on further strengthening collaboration through investment for New Energy Vehicles in China, which included Daimler’s intention to become shareholder in BJEV. (Earlier post.)

This closer cooperation with both BAIC and BJEV will allow Daimler to further deepen its understanding of Chinese consumers’ needs, especially in the field of NEV.

Electric mobility is one of the pillars of Daimler’s future mobility strategy. We are fully dedicated to bringing this strategy forward globally and especially in China, the world’s largest NEV market already today. 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 in this country.

—Hubertus Troska, Member of the Board of Management, Daimler AG, responsible for Greater China
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. Through this strategic cooperation in the NEV field, both parties will promote the development of the new energy industry.

—Xu Heyi, Chairman of BAIC Group
Beijing Electric Vehicle Co., Ltd. was established in 2009 by the BAIC Group as a development platform for New Energy Vehicles. As one of China’s leading pure electric vehicle manufacturers, BJEV’ s primary business scope covers research and development, production, as well as sales and services for New Energy Vehicles and core NEV components.

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