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02 06 2017 03

BAIC Group have signed a framework agreement on further strengthening their strategic collaboration through investments for New Energy Vehicles (NEVs) in China.

German Chancellor Dr. Angela Merkel and Chinese Premier Li Keqiang, Hubertus Troska, Member of the Board of Management of Daimler, responsible for Greater China, and Xu Heyi, Chairman of the BAIC Group attended the signing ceremony held in Berlin. The framework agreement will centre on two significant investments. As one part of this investment agreement, Daimler intends to acquire a minority share in Beijing Electric Vehicle Co. (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. (BBAC), paving the way for the introduction of New Energy Vehicle production.

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Tags: Vehicle

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