BERLIN (dpa-AFX) - BAIC Motor Corp. and Daimler AG (DDAIF.PK) plan to build a new factory in China for Mercedes-Benz vehicles.
BAIC Motor noted that the companies will co-invest more than 11.9 billion yuan or $1.9 billion to build the facility. But it didn't disclose the location of the production base.
'The new factory will manufacture various Mercedes-Benz products in China including new energy electric vehicles' and improve the overall production capacity of the companies' joint venture, Beijing Benz Automotive Co.,' BAIC said.
The announcement comes a day after Li Shufu, the billionaire founder of Zhejiang Geely Holding Group Co., said he acquired a stake worth about 7.3 billion euros or $9 billion in Daimler, marking the biggest investment in a global automobile manufacturer by a Chinese company. The 9.7 percent stake makes Geely the single largest investor in the parent of Mercedes-Benz.
Copyright RTT News/dpa-AFX