No violations seen in Geely buy of Daimler stake — Merkel

Eloi Lecerf
Março 3, 2018

Local production hub Beijing Benz Automotive Co.

Today, Daimler and BAIC announced a £13.4bn investment in Mercedes-Benz production in China, with the Beijing Benz Automotive Company (BBAC) preparing to operate another factory in addition to its location in Beijing's Yizhuang Park.

Previously, the company Zhejiang Geely has already invested in major brands. Technology companies like Google and Apple Inc with vast financial resources are vying for a role in the world of automaking.

"In order to succeed and seize the technology highland, one has to have friends, partners, and alliances and adapt a new way of thinking in terms of sharing and united strength", Li said in a statement over the weekend.

"Local production is a strong pillar of our sustainable development in China".

Electric vehicles is the new battle ground in China, where the government is actively pushing for the eradication of fossil-fuel powered automobiles by giving new incentives.

Brasil gerou 77,8 mil empregos em janeiro
No ano passado, o mercado de trabalho melhorou, mas não escapou de um resultado negativo de 20,8 mil postos fechados. Entre os anos de 2015 e 2016, o Brasil encerrou mais de 3,5 milhões de vagas de empregos formais.

The Daimler stake was purchased by an investment company headed by Mr. Li called Tenaclou3 Prospect Investment, according to the Daimler filing. At the same time, Daimler is aiming to further expand their presence in the Chinese market.

"The share buying is obviously a result of Li Shufu's dream of building the best cars, in his youth", said Yale Zhang, the managing director of consultancy Automotive Foresight.

China's increasing interest in German companies has sparked unease in Europe's biggest economy. BBAC is an integral part of our global production network of Mercedes-Benz Cars. Production at the Shunyi facility will also follow the quality standards and processes, extending along the entire supply chain. Later in the week he will meet the Daimler executives who rebuffed his initial approach last year. The plant is scheduled to open in 2019 and be the home of Polestar, Volvo's electric vehicle brand. BBAC makes the Mercedes C-Class, E-Class, GLA as well as GLC cars.

BAIC Group chairman Xu Heyi said: "With over a decade of remarkable achievements, BBAC stands as evidence of the strong collaboration between BAIC and Daimler".

The investment is supposed to support the establishment of new production lines for premium vehicles. They plan for Mercedes-Benz and smart cars to offer electric versions of all car models by 2022. The Mercedes-Benz R&D Center recently also expanded cooperation with renowned Tsinghua University. Most of the jobs will be filled by current temporary workers.

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