BAIC ACQUIRES 35 PERCENT STAKE IN CHINESE DAIMLER VAN PARTNERSHIP
State-owned BAIC Motor Corp. purchased a 35 percent share of Fujian Daimler Automotive Co., a joint venture with Daimler AG that produces commercial vans.
BAIC said it signed an agreement to acquire the stake from Fujian Motor Industry Group Co. The cost of the acquisition was not disclosed.
After the purchase, Fujian Motor's stake in Fujian Daimler will be reduced to 15 percent from 50 percent. Daimler Vans Hong Kong, a Daimler subsidiary, will continue to hold a 50 percent stake in the venture.
Fujian Benz was established in 2007 in the east China city of Fuzhou as a partnership equally owned by Fujian Motor and Daimler Vans Hong Kong. It produces the Mercedes-Benz Sprinter, Vito and Viano vans.
When the deal is complete, BAIC will have three joint ventures with Daimler.
One partnership produces and sells passenger vehicles such as the Mercedes C-class and E-class sedans, and also the GLA and GLC crossovers. A second venture is Beiqi Foton Motor Co., which produces commercial trucks.
BAIC, a state-owned automaker headquartered in Beijing, is listed in Hong Kong.