Chinese BAIC to launch smart cars with the new brand president

FILE PICTURE: People cleaning the floor in the stall of the Group, BAIC’s car-maker of the IEEV, New Energy Vehicles Exhibition, Beijing, China, October 18, 2018. REUTERS/Thomas Peter/File Photo

BEIJING (Reuters) – China’s Beijing Automotive Group, a Co Group or BAIC) [BEJINS.UL], the development of the smart car under a new brand, and BEIJING, and hopes to work together with its partner Daimler ag for intelligent connected-vehicle technologies, its chairman Xu Heyi said.

BAIC has launched its new BEIJING-a fire last week in the latest push to gain market share in the world’s biggest auto market. Other than the BAIC, the current of the electric car brand, BJEV, BEIJING will focus on the smart connected vehicle technology, Xu told a conference in Beijing on Tuesday.

BAIC said in an article on social media that the company will invest 20 billion yuan ($2.83 billion) to the development of new product platforms to the most recent mark.

BAIC hopes to work with its joint-venture partner of Daimler AG for intelligent connected-vehicle technologies in the future, Xu told Reuters on the sidelines of the conference, without elaborating.

BAIC, which is Europe’s most important partner in China for many years, operating from Mercedes-Benz factories in Beijing through a joint venture, Beijing Benz Automotive, bought a 5% stake in Daimler ag, in mid-July. The partners are also the vehicles through another joint venture with Photon in a job and a Car.

Daimler plans to adjust production in Photon Daimler to build Mercedes-Benz vehicles with BAIC, Reuters reported that in the month of August. Daimler and BAIC’s new energy vehicle unit BluePark have been developed, and a battery research lab in Beijing, the companies said.

BAIC has bought the stake in Daimler ag na Li Shufu, the chairman of the chinese Zhejiang Geely Holding Group [GEELY.UL] was built with a 9.69 percent stake in Stuttgart-based Daimler ag at the beginning of the end of 2018.

“We are done with our commitment to investing in Europe,” said Xu. “We don’t have any plans to come to our game.”

Reporting Yilei Sun, and, by Brenda Goh; Editing by Jacqueline Wong

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