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German Daimler acquires 3.93% stake in Chinese electric car company

Daimler AG acquired a 3.93% stake in Beijing Electric Vehicle Co. Ltd., expanding its footprint in the new energy vehicles market in China.

The deal comes after a 2017 agreement between China-based BAIC Group and Daimler to strengthen their collaboration through investment in the field of new energy vehicles in China, when the German automobile company said it intended to become a shareholder in Beijing Electric Vehicle.

Beijing Electric Vehicle is a subsidiary of BAIC Group.

Daimler's biggest investor is Chinese automotive manufacturer Zhejiang Geely Holding Group Co. Ltd., which acquired a stake worth €7.3 billion in the owner of Mercedes in February.