Domestic car manufacturers in China are banking on premium cars for growth after two years of decline in Chinese car sales
meeting in May, one shareholder captured the mood. “Don’t replace the Mercedes star with a Chinese dragon,” implored Deka Investment, a big asset manager, referring to the purchase in 2018 by Geely, a Chinese firm which also owns Sweden’s Volvo, of a 9.7% stake in the German car giant. Daimler now faces the rise of a second dragon. Beijing Automotive Group is reportedly poised to double its holding in Daimler to almost 10%. This would put it ahead of Geely as the firm’s biggest shareholder.
, the relationship with Daimler is “of existential importance”, says Robin Zhu of Bernstein, a research firm. In 2018 sales from Beijing Benz, one of its ventures, grew by 16% year on year and accounted for 90% ofhas long sunks profits from Beijing Benz—a tidy 10bn yuan in 2018—into “the bottomless pit” ofA bigger stake in Daimler may be an attempt to restore the perception that, not Geely, is the Germans’ main partner.
Many Germans nevertheless worry. With another 5% or so the Chinese duo could block some strategic decisions, says Marc Tüngler of, an organisation which represents the interests of German private investors. The pair could easily join forces. Geely may be privately owned but, Mr Zhu says bluntly, “both ultimately represent the Chinese state.”may shun separate holdings above 10% to avoid triggering a review by BaFin, Germany’s financial regulator.
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