DaimlerDaimlerGermany, 1889 > present12 models
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has completed its 12% purchase of Chinese joint venture partner Beijing Automotive GroupBeijingChina, 1952 > present1 model
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(BAIC). It is the first time that a foreign automaker has bought a stake in a domestic Chinese automaker. The company wants to make a long-term financial investment in China, and this is one of the first steps toward that goal.

“This strategic investment proves our long-term commitment to both the key market China and our trusted partner BAIC Motor. Going forward, the cooperation between Daimler AG and BAIC Motor will contribute towards increasing our footprint in China and so enable us to actively participate even better in the huge opportunities the Chinese automotive market offers,” said Daimler Chairman Dr. Dieter Zetsche.

Daimler and BAIC has been partners in China for the last decade and build the C-ClassMercedes-Benz C-Class Gen.4Germany, 2007 > 2013188 versions
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, E-ClassMercedes-Benz E-Class Gen.5Germany, 2009 > present345 versions
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, GLK-ClassMercedes-Benz GLK-ClassGermany, 2008 > present29 versions
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and vans there. They will build the GLA-ClassMercedes-Benz GLA-ClassGermany, 2013 > present29 versions
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in China starting in 2014.

As part of the purchase, Daimler has placed Hubertus Troska, its head of Chinese region, and Bodo Uebber, Daimler’s Chief Financial Officer, onto the BAIC Board of Directors.

“This is another historical milestone in a partnership that has already seen great success in the past, with joint production and sales activities ranging from passenger cars to trucks,” said BAIC Chairman Xu Heyi.

BAIC sold 1.7 million cars in 2012. MercedesMercedes-BenzGermany, 1924 > present197 models
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sold 210,000 cars in China in 2012. Since then, it has added 75 new dealers in the country.