BMW reported a smaller-than-expected 6 percent decline in second quarter operating profit on Thursday while brushing off concerns about new anti-pollution rules and trade tensions which caused rival Daimler to warn on profits.
BAIC Motor Corp. and Daimler AG plan to build a factory in China for Mercedes-Benz vehicles to meet growing demand as the German automaker deepens its ties with the country.
The chairman of Chinese carmaker Geely has built up an almost 10 percent stake in Mercedes-Benz owner Daimler , making a $9 billion (£6.4 billion) bet that he can push through an alliance to access the German company's technology.
Li Shufu, the chairman and main owner of Chinese carmaker Geely, has amassed a stake of 9.69 percent in Daimler AG, the German company said in a regulatory filing Friday.
Daimler AG has turned down an offer from China’s Geely to take a stake of up to 5 percent via a discounted share placement, as the German automaker has long been reluctant to see existing shareholdings diluted, sources with knowledge of the talks said.