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For BAIC Group, which is determined to target the “Group brand among the world’s top 100 brandsâ€, the pace of development in 2013 was a significant step forward. The cooperation between BAIC and Daimler and mergers and acquisitions of Zhenjiang Automobile and Changhe Automobile are all the focus of the year.
From February this year, BAIC and Daimler have jointly announced that Daimler will acquire a 12% stake in Beiqi Group, a subsidiary of BAIC's own-brand passenger car segment; BAIC and Daimler will increase their holdings of Beijing Benz and The new joint venture company of the two sides is the equity of Beijing Mercedes-Benz Sales Service Co., Ltd. Among them, Daimler invests in a 12% stake in Beijing Auto Co., Ltd., which provides financial support for the development of BAIC Group's own brand business and promotes the listing of BAIC. The two parties conducted the equity reorganization of the joint venture company Beijing Benz. After the reorganization, the shareholding of Beiqi Co., Ltd. increased to 51%, and the consolidation of Beijing Benz’s financial statements was realized. At the same time, Daimler’s shareholding in Beijing Mercedes-Benz Sales Service Co., Ltd. increased to 51%. The two-year cooperation project was finally completed on November 19, with both parties signing a comprehensive strategic cooperation delivery document.
Beiqi’s two domestic reorganizations during the year were intended to be geographically and model-wise. The reorganization of Zhenjiang Automobile allowed BAIC to complete the layout of the fifth largest base after North China, South China, Southwest China, and Central China to make up for the gap in East China. The reorganized Changhe Automobile can radiate the Yangtze River Delta and the Pearl River Delta region, and can use the advantage of Changhe small car to complement the BAIC high-end car layout.