The lettering of the Chinese automobile manufacturer BAIC Beijing Automotive Industry Holding. (picture alliance/dpa)
Chinese state-owned car-manufacturing company BAIC has acquired a 5-per-cent stake in Daimler, the German luxury carmaker said on Tuesday.
"This step solidifies our successful partnership and is a signal of trust in our company's strategy and future potential," Daimler chief Ola Kaellenius said in a statement.
"The Chinese market is and remains a decisive pillar of our success - not only in terms of revenue but also for our development and our production," Kaellenius added.
The move makes BAIC the third-biggest stakeholder in Daimler after Chinese group Geely and the sovereign wealth fund of Kuwait.
In 2003, Daimler took a 10-per-cent stake in a BAIC subsidiary known as BAIC Motor, which is listed on the Hong Kong stock exchange.
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