China’s BAIC Group (Beijing Automotive Industry Holding Co.), which acquired a 5% stake in Daimler AG for €2.5 billion ($2.8 billion) in July, wants to increase its holding in the German carmaker, sources tell Reuters.
Last month BAIC signaled its interest in making an additional investment in Daimler. The two carmakers have operated a joint venture—Beijing Benz Automotive Co.—in China for 16 years.
Zhejiang Geely Holding Group Co. is Daimler’s largest shareholder with the nearly 10% stake it bought in 2018. Banking giant HSBC Holdings plc, which helped BAIC acquire its stake, owns 5% of Daimler, according to regulatory filings this month.
According to Sandor Piszar, Chevrolet truck marketing director, “We engineer and build our trucks with customers’ expectations in mind.
Chinese electric-car startup Nio Inc. is forming a manufacturing joint venture with Beijing E-Town International Investment and Development Co., which is investing 10 billion yuan ($1.5 billion) in the business.
Dan Nicholson is vice president of General Motors Global Propulsion Systems, the organization that had been “GM Powertrain” for 24 years.