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Daimler, BAIC Plan $1.9 Billion Assembly Plant in China
BAIC Motor Corp. and Daimler AG say in a regulatory filing they will invest a combined 11.9 billion yuan ($1.9 billion) in a new plant to make Mercedes-Benz passenger vehicles in China.
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BAIC Motor Corp. and Daimler AG say in a regulatory filing they will invest a combined 11.9 billion yuan ($1.9 billion) in a new plant to make Mercedes-Benz passenger vehicles in China, Bloomberg News reports.
The partners say some models will offer electrified powertrains. The companies did not indicate where the plant will be located, when it will open or which cars and crossovers it will build.
BAIC and Daimler currently produce Mercedes C- and E-class cars and GLA and GLC crossover models through their Beijing Benz Automotive Co. venture in Beijing. Mercedes sales in China last year surged 26% to a record 587,900 units, about 76% of them made by BBAC, according to CarSalesBase.com.
Last July the two companies announced a framework agreement to build a 5 billion-yuan ($792 million) factory in Beijing to make batteries for electric vehicles. Daimler has said it will introduce 10 new electrified models in China by 2022. The first of the batch is expected to be a crossover due next year.
BBAC’s assembly plant announcement comes one day after Li Shufu, the chairman and founder of Zhejiang Geely Holding Group Co. amassed a 9.7% stake in Daimler. The German carmaker confirms Li spent 58.6 billion yuan ($9 billion) to acquire 13.6 million shares on the open market.
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