Chinese carmaker Beijing Automotive Group Co., Ltd. (BAIC Group) Tuesday said it has bought a five percent stake in German carmaker Daimler AG in a bid to strengthen long-term bilateral strategic cooperation.

The logo of Beijing Automotive Group Co., Ltd. (BAIC Group) is captured druign an exhibition. [File Photo: IC]

The investment shows that the two sides acknowledged the success of their long-term partnership, valued their common interests and were optimistic about the prospects of their cooperation potential, BAIC Group said in a statement.

"This step reinforces our alighment with, and strong support for, Daimler's management and strategy," said Xu Heyi, chairman of BAIC Group.