The Chinese from BAIC want to increase the number of Daimler shares, according to sources close to the situation. In July 2019, BAIC bought a 5% stake in the German group.
Last summer, Beijing Automotive Group Co (BAIC), one of Daimler’s partners in the Chinese market, has decided to cement its relationship with the German group by acquiring a 5% stake in the company’s shares.
At the time, BAIC feared the influence of Li Shufu, the Chinese billionaire and chairman of the Geely group, which bought, in 2018, 9.69% of Daimler and became Daimler’s largest private shareholder.
Li ShuFu became the biggest Daimler shareholder with 9.69%
Sources quoted by Reuters now claim that BAIC wants to buy more shares in Daimler, without giving further details. Daimler and BAIC officials did not provide statements on the subject until this time, but Geely representatives said they did not want to comment on “speculation” in the press.
In July, after BAIC bought 5% of Daimler, the German group listed the investment as “welcome”, in the context of reducing costs with the development and production of electric cars on the world’s largest auto market.
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