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BAIC & Daimler AG Jointly Invest 1.5 Billion Euro to Build a Luxury Brand of Electric Vehicle

2018/03/07 Share To

On February 23, 2018, BAIC Motor Corporation Limited (BAIC MOTOR) and Daimler AG jointly announced to invest over RMB 11.9 billion (about 1.5 billion euros) to upgrade the factory of Beijing Branch of BAIC MOTOR in Shunyi District of Beijing, building a new luxury car manufacturing base for Beijing Benz Automotive Co., Ltd. (Beijing Benz).

This is not only a significant measure for BAIC MOTOR to firmly grasp the development trend of electric vehicle industry by expanding the market of electric luxury brands via Beijing Benz, but also a major move of the electrification transformation of BAIC MOTOR’s 2.0 era.