AGL 40.17 Increased By ▲ 0.17 (0.43%)
AIRLINK 130.65 Increased By ▲ 1.12 (0.86%)
BOP 6.81 Increased By ▲ 0.13 (1.95%)
CNERGY 4.62 Decreased By ▼ -0.01 (-0.22%)
DCL 8.97 Increased By ▲ 0.03 (0.34%)
DFML 43.14 Increased By ▲ 1.45 (3.48%)
DGKC 83.80 Increased By ▲ 0.03 (0.04%)
FCCL 32.99 Increased By ▲ 0.22 (0.67%)
FFBL 78.20 Increased By ▲ 2.73 (3.62%)
FFL 12.23 Increased By ▲ 0.76 (6.63%)
HUBC 110.70 Increased By ▲ 0.15 (0.14%)
HUMNL 14.50 Decreased By ▼ -0.06 (-0.41%)
KEL 5.60 Increased By ▲ 0.21 (3.9%)
KOSM 8.30 Decreased By ▼ -0.10 (-1.19%)
MLCF 39.65 Decreased By ▼ -0.14 (-0.35%)
NBP 62.20 Increased By ▲ 1.91 (3.17%)
OGDC 199.90 Increased By ▲ 0.24 (0.12%)
PAEL 26.50 Decreased By ▼ -0.15 (-0.56%)
PIBTL 7.78 Increased By ▲ 0.12 (1.57%)
PPL 160.30 Increased By ▲ 2.38 (1.51%)
PRL 26.69 Decreased By ▼ -0.04 (-0.15%)
PTC 18.80 Increased By ▲ 0.34 (1.84%)
SEARL 83.15 Increased By ▲ 0.71 (0.86%)
TELE 8.26 Decreased By ▼ -0.05 (-0.6%)
TOMCL 34.40 Decreased By ▼ -0.11 (-0.32%)
TPLP 9.05 Decreased By ▼ -0.01 (-0.11%)
TREET 16.96 Decreased By ▼ -0.51 (-2.92%)
TRG 60.50 Decreased By ▼ -0.82 (-1.34%)
UNITY 28.00 Increased By ▲ 0.57 (2.08%)
WTL 1.41 Increased By ▲ 0.03 (2.17%)
BR100 10,605 Increased By 198.6 (1.91%)
BR30 32,010 Increased By 296.9 (0.94%)
KSE100 98,786 Increased By 1457.8 (1.5%)
KSE30 30,757 Increased By 564.5 (1.87%)

BERLIN: Daimler on Monday said its Chinese shareholder Beijing Automotive Group Co Ltd (BAIC) has agreed not to further increase its stake in the German luxury carmaker beyond the 9.98% stake it has held since 2019.

Daimler said it holds a 9.55% stake in BAIC Motor and a 2.46% stake in BAIC BluePark.

Daimler's Monday announcement is the first public confirmation of the acquisitions since 2019.

"This underlines the successful partnership to continue the long-term success of Mercedes-Benz in China," Daimler said in a statement.

State-owned BAIC has been Daimler's main partner in China for years and operates Mercedes-Benz factories in Beijing through Beijing Benz Automotive. The two companies have collaborated in areas such as production, research and development and sales since 2003.

"The partnership between BAIC Group and Daimler Group has always been a model of Sino-German cooperation," BAIC said in a statement on Monday, confirming the stake figure.

It said it was confident in Mercedes-Benz's potential in the future transformation to electro-mobility.

Comments

Comments are closed.