Baic said the new factory would manufacture various Mercedes-Benz products in China including "new energy electric vehicles".
Baic Motor Corporation and Daimler AG are planning to co-invest more than 11.9 billion yuan ($1.88 billion) to build a new local production base for their joint venture, Beijing Benz Automotive, Baic said on Sunday.
In a statement to the Hong Kong stock exchange dated Feb. 23, Baic said the new factory would manufacture various Mercedes-Benz products in China including "new energy electric vehicles" equipped with "high-quality premium automobile manufacturing system to further improve the overall production capacity of Beijing Benz."
Chinese car maker Geely on Saturday disclosed a stake of almost 10 percent stake in Daimler.
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