BERLIN, FRANKFURT
Daimler and its Chinese joint venture partner BAIC Motor Corporation agreed to upgrade the Mercedes-Benz factory in Beijing to make electric cars, the German carmaker said on Thursday.
At a signing ceremony in Berlin attended by German Chancellor Angela Merkel and Chinese Premier Li Keqiang, Daimler signed a framework agreement to upgrade production facilities at Beijing Benz Automotive Co., Ltd (BBAC), to make New Energy Vehicles, a label for so-called low-emission vehicles which include hybrid and pure battery electric cars.
Daimler also agreed to acquire a minority stake in Beijing Electric Vehicle Co., Ltd (BJEV), a subsidiary of the BAIC Group, to enhance collaboration on developing so-called new energy vehicles. Daimler declined to provide a figure for the scale or value of the stake.
