BAIC New Energy: Will enter into 'full cooperation' with Mercedes-Benz
On July 30, 2019, Ma Fanglie, deputy secretary of the Party Committee and general manager of BAIC New Energy, stated in an interview with a reporter from the Economic Observer: “Our future cooperation with Mercedes-Benz in China can be described as comprehensive, strategic, and lasting.” Previously, BAIC Group completed cross-shareholding with the German luxury car group Daimler, bringing more opportunities to BAIC New Energy.
At BAIC Group's mid-year performance communication meeting, Xu He谊, chairman of BAIC Group, stated that after the completion of cross-shareholding with Daimler, new energy vehicles are the focus of cooperation between the two parties. Xu He谊 said, “Next, we will also have in-depth cooperation in the new energy field. We also have other collaborations.”
The recently completed BAIC New Energy Automobile Experiment Center includes a battery laboratory jointly built by BAIC and Daimler. “In the future, all battery testing for Mercedes-Benz's new energy vehicles in Greater China will be conducted in this joint laboratory,” said Ma Fanglie.
According to Ma Fanglie, BAIC New Energy has already cooperated with Mercedes-Benz, mainly in marketing and technology. The EU7, a new product about to be launched by BAIC New Energy, and the previously created high-end brand ACFOX, both possess Mercedes-Benz's technological genes. Currently, the two parties are discussing the cascade utilization of batteries and plan to cooperate deeply. “Future cooperation will be very comprehensive and long-term,” Ma Fanglie emphasized.
According to CPCA data, in June this year, BAIC New Energy won the sales championship in the pure electric vehicle market with sales of 26,072 units. Among them, EU5 won the dual championships in the pure electric vehicle and new energy vehicle markets in June and the first half of the year respectively with sales of 16,389 and 47,439 units. Up to now, BAIC New Energy's market share has exceeded 400,000 units, firmly holding the first place in the domestic pure electric vehicle market.
In an earlier media interview, Ma Fanglie also stated that BAIC New Energy has accumulated tens of thousands of orders in the first half of the year, including orders from Didi Chuxing, Beijing's electric taxis, and Caocao. Against the backdrop of many companies lowering their annual sales targets, BAIC New Energy announced that it will not adjust its annual sales target.
Background information:
Beijing New Energy Vehicle Co., Ltd. (referred to as “BAIC New Energy,” securities name: BAIC Blue Valley, securities code: 600733) is a high-tech listed company controlled by BAIC Group and is the brand with the largest number of pure electric vehicle users globally.
In April 2017, Tianjin Zhongji Huixin Enterprise Management Partnership (Limited Partnership), under China Zhongji Investment, signed a capital increase agreement with BAIC New Energy and officially invested in BAIC New Energy. In the future, China Zhongji Investment will continue to cooperate with high-quality companies in the industry to jointly grasp the development opportunities in the new energy vehicle field.
