(Yicai Global) Dec. 14 -- Chinese automaker BAIC Group said it has no plan to increase its stake in Daimler, owner of the Mercedes-Benz and Maybach brands, beyond the 9.98 percent it has had since 2019.

BAIC became the German luxury carmaker’s biggest shareholder after lifting its stake from 5 percent two years ago, the Beijing-based company made public yesterday. “An increased stake shows that BAIC trusts and supports Daimler as a long-term investor,” it said.

The disclosure means that Daimler’s top two shareholders are Chinese. Geely Automobile Holdings’ founder Li Shufu has a 9.7 percent stake through Tenaciou3 Prospect Investment.

“BAIC’s shareholding is a reflection of their commitment to our joint successful manufacturing and development alliance in the world’s biggest car market,” Ola Källenius, chief executive at Daimler and Mercedes-Benz, said in a separate statement yesterday.

BAIC and Stuttgart-based Daimler set up a joint venture in 2005 to make and sell Mercedes-Benz vehicles in China, which generates a large share of the Chinese firm’s profits.

“During our partnership with BAIC, China has emerged as the largest global market for Mercedes-Benz and as a key driver of the shift towards electric mobility and digitalization,” Källenius said.

Mercedes-Benz is committed to going all-electric by 2030 and China plays a major role in this plan. By the end of 2021, there will be four Mercedes-Benz electric vehicles introduced in China: the EQA, EQB, EQC, and EQS. The first three are locally made and localization of the EQE is planned for as early as next year.

Daimler owns a 9.55 percent stake in BAIC’s Hong Kong-listed unit BAIC Motor as well as 2.46 percent of Shanghai-listed BAIC BluePark New Energy Technology.

Editor: Futura Costaglione