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Daimler: takes 3.9% stake in BAIC's Beijing Electric Vehicle

(CercleFinance.com) - Daimler has bought a 3.
9% stake in Chinese electric vehicle manufacturers Beijing Electric Vehicle, in order to further deepen its understanding of Chinese consumers, the German carmaker said on Thursday.

The group said it is aiming to expand its strategic footprint in the field of new energy vehicles (NEV) in China.

Beijing Electric Vehicle is part of BAIC, with which Daimler signed a collaboration framework agreement last year, which included Daimler's intention to become shareholder in Beijing Electric Vehicle.

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