-
ALSO READ
Toyota, Mazda confirm $1.6 billion plant for Alabama Daimler warns of supply chain risk from switch to electric cars Mercedes-Benz India's 2017 annual sales up 16% China's Geely makes $9 billion Daimler bet against tech "invaders" Auto Expo: Mahindra unveils wide range of e-vehicle concepts -
HONG KONG (Reuters) - Baic Motor Corporation and Daimler AG are planning to co-invest more than 11.9 billion yuan ($1.88 billion) to build a new local production base for their joint venture, Beijing Benz Automative, Baic said on Sunday.
In a statement to the Hong Kong stock exchange dated Feb. 23, Baic said the new factory would manufacture various Mercedes-Benz products in China including "new energy electric vehicles" equipped with "high quality premium automobile manufacturing system to further improve the overall production capacity of Beijing Benz."
Chinese car maker Geely on Saturday disclosed a stake of almost 10 percent stake in Daimler.
($1 = 6.3329 Chinese yuan renminbi)
(Reporting by Farah Master. Editing by Jane Merriman)
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
RECOMMENDED FOR YOU