BAIC Motor, Daimler Plan $1.9 Billion New Production Base in China
Baic said the new factory would manufacture various Mercedes-Benz products in China including "new energy electric vehicles".
The logo of Beijing Automotive Group (BAIC) is pictured at its booth during the Auto China 2016 auto show in Beijing, China April 26, 2016. (Photo: Reuters)
Baic Motor Corporation and Daimler AG are planning to co-invest more than 11.9 billion yuan ($1.88 billion) to build a new local production base for their joint venture, Beijing Benz Automotive, Baic said on Sunday.
In a statement to the Hong Kong stock exchange dated Feb. 23, Baic said the new factory would manufacture various Mercedes-Benz products in China including "new energy electric vehicles" equipped with "high-quality premium automobile manufacturing system to further improve the overall production capacity of Beijing Benz."
Chinese car maker Geely on Saturday disclosed a stake of almost 10 percent stake in Daimler.
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