China carmaker BAIC will not increase stake in Daimler beyond existing 9.98%

China carmaker BAIC will not increase stake in Daimler beyond existing 9.98%

FILE PHOTO: An assembly line producing electric vehicles (EV) is seen at a factory of Beijing Electric Vehicle, funded by Beijing Automotive Group (BAIC), in Beijing, China, January 18, 2016. REUTERS/Kim Kyung-Hoon/File Photo

Daimler on Monday said its Chinese shareholder Beijing Automotive Group Co Ltd (BAIC) does not plan to increase its stake in the German luxury carmaker beyond the 9.98% stake it has held since 2019.