Feb 26, 2018

China's Geely buys stake in Mercedes-Benz owner Daimler

Chinese carmaker Geely has become the biggest investor in Mercedes-Benz owner Daimler, saying it hopes to cooperate with the German giant on electric cars. Geely's 9.7% stake in the high profile German carmaker has raised some concerns that the Chinese firm will seek access to technology and innovation in exchange for the deal. Also over the weekend, Daimler announced a $1.9bn investment into a partnership with another Chinese auto firm, BAIC. The money will go into modernising a BAIC plant to build Mercedes cars including electric vehicles, the two companies said. Daimler and BAIC are already cooperating in the Chinese market, where foreign production is often only permitted through partnerships with Chinese firms. Last week, fellow German carmaker BMW announced a deal with Chinese manufacturer Great Wall Motor to build electric-powered Mini cars in China for the local market.

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