Daimler Revs Up New-Energy Vehicle Production in China
Daimler AG and its Chinese partner, BAIC Motor Corp., plan to invest nearly $2 billion to set up a factory in China, deepening the German automaker’s footprint in the world’s largest auto market.
The pair will invest more than 11.9 billion yuan ($1.9 billion) in a factory for their joint venture, Beijing Benz Automotive Co. The facility will manufacture luxury Mercedes-Benz cars, including new-energy vehicles, BAIC Motor said in a filing to the Hong Kong Stock Exchange on Sunday.
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