Daimler welcomes investment by BAIC Group
Daimler welcomes investment by BAIC Group |
[23-July-2019] |
STUTTGART, Germany, July 23, 2019 /PRNewswire/ --
Daimler AG welcomes its cooperation partner Beijing Automotive Group Co. Ltd. (BAIC Group) as a new investor. "We are very pleased that our long-standing partner BAIC is now a long-term investor in Daimler. This step reinforces our successful partnership and is a signal of trust in the strategy and future potential of our company. The Chinese market is and remains a crucial pillar of our success - not only for sales, but also for our product development and production," said Ola Källenius, Chairman of the Board of Management of Daimler AG and Head of Mercedes-Benz Cars. BAIC has acquired an equity interest of approximately five percent in Daimler AG through Investment Global Co. Ltd., a 100-percent subsidiary. Daimler and BAIC are linked in a long-standing strategic partnership that has existed since 2003. Since then, the two companies have cooperated in the production, research and development, and sale of passenger cars, vans and trucks. In 2013, Daimler acquired an equity interest in BAIC Motor, a listed subsidiary of BAIC, and currently holds 9.55 percent of its shares. Since 2018, Daimler has also held an interest of 3.01 percent in BAIC BluePark New Energy Technology Co. Ltd., a manufacturer of electric vehicles for China. Further information from Daimler is available at: This document contains forward-looking statements that reflect our current views about future events. The words "anticipate," "assume," "believe," "estimate," "expect," "intend," "may," "can," "could," "plan," "project," "should" and similar expressions are used to identify forward-looking statements. These statements are subject to many risks and uncertainties, including an adverse development of global economic conditions, in particular a decline of demand in our most important markets; a deterioration of our refinancing possibilities on the credit and financial markets; events of force majeure including natural disasters, acts of terrorism, political unrest, armed conflicts, industrial accidents and their effects on our sales, purchasing, production or financial services activities; changes in currency exchange rates and tariff regulations; a shift in consumer preferences towards smaller, lower-margin vehicles; a possible lack of acceptance of our products or services which limits our ability to achieve prices and adequately utilize our production capacities; price increases for fuel or raw materials; disruption of production due to shortages of materials, labor strikes or supplier insolvencies; a decline in resale prices of used vehicles; the effective implementation of cost-reduction and efficiency-optimization measures; the business outlook for companies in which we hold a significant equity interest; the successful implementation of strategic cooperations and joint ventures; changes in laws, regulations and government policies, particularly those relating to vehicle emissions, fuel economy and safety; the resolution of pending government investigations or of investigations requested by governments and the conclusion of pending or threatened future legal proceedings; and other risks and uncertainties, some of which we describe under the heading "Risk and Opportunity Report" in the current Annual Report. If any of these risks and uncertainties materializes or if the assumptions underlying any of our forward-looking statements prove to be incorrect, the actual results may be materially different from those we express or imply by such statements. We do not intend or assume any obligation to update these forward-looking statements since they are based solely on the circumstances at the date of publication. Daimler at a glance View original content to download multimedia:http://www.prnewswire.com/news-releases/daimler-welcomes-investment-by-baic-group-300889271.html SOURCE Daimler North America - Corporate Communications | ||
Company Codes: Frankfurt:DAI, OTC-PINK:DMLRY |
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