· BAIC and Daimler will expand cooperation to the field of automotive financial services

BAIC and Daimler AG recently signed an agreement, and the two parties will expand their cooperation to the automotive financial services sector in China. According to the agreement, Beijing Auto will participate in the Mercedes-Benz Leasing Co., Ltd. (MBLC), a subsidiary of Daimler Greater China Investment Co., Ltd., with a shareholding ratio of 35%. Daimler's shareholding in MBLC is 65%. This agreement, which is subject to approval by the relevant Chinese authorities, is expected to be completed at the end of the second quarter of 2015 or the beginning of the third quarter.
Bodo Uebber, director and chief financial officer of Daimler AG, said: “In 2014, the total number of vehicles served by Mercedes-Benz Finance or Leasing increased more than twice. Compared with the future, the development prospects of auto finance services are limitless. Recently, Mercedes-Benz Financial has announced the launch of a new car rental product operating lease in five cities: Chengdu, Nanjing, Changzhou, Foshan and Guangzhou. At present, the operating leased products only involve imported models. It is believed that with the participation of Beiqi in the shareholding of Mercedes-Benz, the joint venture products will also enter the rental list one after another, and consumers can choose a wider range.

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