February 6, 2013 by Tycho de Feijter
The Beijing Auto C90L will hit the Chinese market in 2014, based on the platform of the current Mercedes-Benz E-L Class which is made in China by the Beijing-Benz joint venture. The platform sharing is part of the deal BAIC and Daimler closed last Friday, rumors on the use of the E-Class platform by Beijing Auto first surfaced back in June last year. The brand Beijing Auto is a subsidiary of BAIC, which stands for Beijing Auto Industry Corporation. Read more »
February 4, 2013 by Joey Wang
Daimler secured a stake in its partner BAIC Motor ahead of a planned stock offering by the Chinese carmaker, in an effort to catch up with larger German rivals in what could become the biggest market for luxury cars in the world.
Daimler will pay 640 million euros ($869 million) for a 12 percent stake in BAIC Motor and get two seats on the board in a deal that signals the German company’s intention to reverse its flagging fortunes in China.
February 1, 2013 by Joey Wang
Daimler will sign a deal in Germany on Friday to take a 10-20 percent stake in its Chinese partner, BAIC Group, China’s National Business Daily newspaper said on Thursday.
BAIC, which is planning to take its subsidiary, BAIC Motor, public in 2013 or 2014, will also increase its holding in its 50-50 venture with Daimler’s Mercedes-Benz to 51 percent, the newspaper said, citing unnamed people.
January 30, 2013 by Tycho de Feijter
Chinese media are reporting, quoting “informed sources”, that the Beijing Auto Industry Corporation (BAIC) and Daimler Benz will sign a ‘strategic cooperation agreement’ on February 1 in Germany. Details are scarce, but the sources say BAIC and Daimler will take an interest in each other, ranging somewhere from 10 to 20%.