Report: BAIC Aims to Hike Stake in Daimler

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.