Still soldiering toward its goal to regain the world’s top luxury automaker title, Daimler paid 640 million euros for a 12 percent stake in Beijing Automotive Group today.
As industry-wide sales continue to flounder in Europe, makers are left grasping at other markets with whetted appetites for luxury buying. For automakers, not the least of which is Daimler, that means turning to the Chinese market. Consumers there are still hungry for high-end luxury transportation.
Daimler’s stake includes two seats on the Chinese firm’s board of directors and Daimler CEO Dieter Zetsche said that the investment is “significant so that both companies can actively participate in the opportunities of the Chinese automotive market.”
[Source: Automotive News]
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