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Daimler in $2 billion China investment with BAIC as Geely swoops

The two will invest more than $1.88 billion in modernising a plant to build premium Mercedes-Benz cars including electric vehicles, said BAIC

Reuters  |  Berlin 

Daimler and its Chinese partner BAIC plan to invest almost $2 billion in a state-of-the-art factory in China, underlining their relationship as rival Geely makes a surprise swoop on the German carmaker. The two will invest more than 11.9 billion yuan ($1.88 billion) in modernising a plant to build premium Mercedes-Benz cars including electric vehicles, BAIC said in a filing to the Hong Kong Stock Exchange dated Friday and confirmed by Daimler on Sunday. The chairman of Chinese carmaker Geely said late on Friday he had bought an almost 10 per cent stake in Daimler, in a $9 ...

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First Published: Mon, February 26 2018. 00:01 IST
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