After Chinese automaker Geely bought a 9.69 percent stake in Mercedes-Benz’s parent company, Daimler AG, a second Chinese automaker has now chipped in.

Beijing Automotive Group Co. Ltd. (BAIC) has acquired a 5 percent ownership in Daimler through a wholly-owned subsidiary, Investment Global Co. Ltd.

Before purchasing an ownership stake, Daimler and BAIC are linked in a long-standing strategic partnership that has existed since 2003. Since then, the two companies have cooperated in the production, research, and development, and sale of passenger cars, vans and trucks.

In 2013, Daimler acquired an equity interest in BAIC Motor, a listed subsidiary of BAIC, and currently holds 9.55 percent of its shares. Since 2018, Daimler has also held an interest of 3.01 percent in BAIC BluePark New Energy Technology Co. Ltd., a manufacturer of electric vehicles for China.