Daimler seeks Chinese suitor
German luxury car maker, Daimler, is looking for Chinese investment to help it boost its share in the Chinese car market.
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The new Mercedes B-class Image: Daimler |
Currently, German rival Audi heads Chinese luxury car sector. However, a recent report in a German business magazine claimed that Daimler is looking to take on Audi and BMW with the help of Chinese investment.
The company has, according to the report, approached a number of potential investors to help it take a stake of between 5% and 10% in the Chinese luxury sector. Top of the list is believed to be the country's sovereign wealth fund, China Investment Corporation.
Although both organisations were coy about the potential marriage, ealier this year Daimler CEO Dieter Zetsche said he would welcome additional investors from China, but added that he did not think the Chinese would try to take control.
Although boosting its share enough to become the leading luxury brand ahead of market-leader, Audi, a major cash injection is likely to help Daimler's Mercedes-Benz division overtake second-placed German rivals BMW.
