BERLIN, July 23 (Xinhua) -- Chinese carmaker Beijing Automotive Group Co. Ltd. (BAIC) has acquired a 5 percent stake in German luxury carmaker Daimler AG, the two companies announced on Tuesday.
"We are very pleased that our long-standing partner BAIC is now a long-term investor in Daimler," said Ola Kaellenius, chief executive officer (CEO) of Daimler.
Based on the current market capitalization of Daimler, BAIC has invested approximately 2.6 billion euros (2.9 billion U.S. dollars) to acquire the 5-percent stake in the German carmaker although the two companies did not specify the precise volume of BAIC's investment.
"It has been our intention to strengthen our alliance with Daimler through an investment," said Heyi Xu, chairman of BAIC, adding that "we see our joint partnership as an excellent example of Sino-German collaboration and a model for the cooperation between companies of our countries."
