February 25, 2018 / 12:05 PM / 20 days ago

BAIC Motor, Daimler plan $1.9 billion new production base in China

HONG KONG (Reuters) - Baic Motor Corporation (1958.HK) and Daimler AG (DAIGn.DE) are planning to co-invest more than 11.9 billion yuan ($1.88 billion) to build a new local production base for their joint venture, Beijing Benz Automative, Baic said on Sunday.

Women hold translation equipment during a Daimler's event ahead of the Shanghai Autoshow in Shanghai, China April 18, 2017. REUTERS/Aly Song - RC18DEFCF2A0

In a statement to the Hong Kong stock exchange dated Feb. 23, Baic said the new factory would manufacture various Mercedes-Benz products in China including “new energy electric vehicles” equipped with “high quality premium automobile manufacturing system to further improve the overall production capacity of Beijing Benz.”

    Chinese car maker Geely [GEELY.UL] on Saturday disclosed a stake of almost 10 percent stake in Daimler.

    ($1 = 6.3329 Chinese yuan renminbi)

    Reporting by Farah Master. Editing by Jane Merriman

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