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Daimler gets NDRC approval for minority stake in BJEV

BEIJING – Daimler AG has received approval from the National Development and Reform Commission (NDRC) for its planned minority interest in Beijing Electric Vehicle Co., Ltd. (BJEV), the EV subsidiary under Chinese partner BAIC Group, according to a notice posted on the website of NDRC on February 7.

The official response was addressed to the Beijing Development and Reform Commission which had submitted the application to invest in BJEV on behalf of Daimler Greater China and said, “based on relevant requirements from the Auto Industry Development Policy (AIDP) and Catalogue for the Guidance of Foreign Investment Industries (Revision 2017), we thereby approve Daimler Great China’s acquisition of partial shares in BJEV from Shenzhen Jinggangshan New Energy Investment Management Co., Ltd. The share transfer process must be conducted strictly according to relevant regulations including Administrative Methods for Corporate State-Owned Asset Exchange Supervision, assuring that state-owned assets not be wasted. Once the share transfer is completed, BJEV’s Chinese shareholders should hold no less than 50 percent of the company.”

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