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Daimler New-Energy Vehicle Investment Gets Green Light From Beijing

An electric taxi is exhibited at the 2017 China International Energy-Saving and New Energy Vehicles Exhibition in Beijing on Oct. 21. The National Development and Reform Commission, China’s state planner, recently gave its final blessing to Daimler's purchase of 208 million shares of BAIC's new-energy car unit. Photo: VCG
An electric taxi is exhibited at the 2017 China International Energy-Saving and New Energy Vehicles Exhibition in Beijing on Oct. 21. The National Development and Reform Commission, China’s state planner, recently gave its final blessing to Daimler's purchase of 208 million shares of BAIC's new-energy car unit. Photo: VCG

China’s state planner has approved Daimler AG’s $100 million investment in the new-energy car unit of Beijing’s BAIC Motor, formalizing a tie-up aimed at helping the German carmaker meet China’s strict quotas for new-energy car sales set to take effect next year.

Daimler agreed to invest in BAIC BJEV under a strategic framework agreement first reached in June. It bought 208 million shares of the unit in September for 3.05 yuan apiece, giving the deal a total value of about 6.3 billion yuan ($1.0 billion). The National Development and Reform Commission (NDRC), China’s state planner that must approve all such major investments, recently gave its final blessing to the deal, it said in a Wednesday statement on its website.

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