Daimler says BAIC will not further increase its 9.98per cent stake

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 9.98per cent stake it has held since 2019.

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

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