Daimler and BAIC signed framework agreement

Hubertus Troska: “The framework agreement signed today marks a new chapter of our cooperation in terms of New Energy Vehicles. China today is already the world’s largest market for NEVs, and Daimler is committed to contributing to the further development of electric mobility in this country.” Xu Heyi: “As outstanding representatives of the Chinese and German automotive industries, BAIC and Daimler have for years worked hand in hand with remarkable success. Today’s agreement is an important step by both sides towards the future of New Energy Vehicles.” The framework agreement will center on two significant investments. As one part of this investment agreement, Daimler intends to acquire a minority share in Beijing Electric Vehicle Co., Ltd. (BJEV), a subsidiary of the BAIC Group, with the purpose of strengthening strategic collaboration with BAIC in the NEV sector. As another part of the framework agreement, investment will also be placed in the upgrade of the current production facilities at their joint venture Beijing Benz Automotive Co., Ltd. (BBAC), paving the way for the introduction of New Energy Vehicle production.