Daimler Reveals Chinese Partner Doubled Stake Years Ago (1)

When a Chinese billionaire became Daimler AG’s biggest shareholder in 2018, it caused quite a stir. Another Chinese investor took an even bigger stake the following year, the Mercedes-Benz maker just disclosed for the first time.

Daimler announced Monday that BAIC Automotive Group Co. almost doubled its stake in the manufacturer to 9.98% in 2019. Taken together with the 9.7% holding that Li Shufu, the owner of Zhejiang Geely Holding Group, has had since 2018, it means two Chinese shareholders have controlled almost 20% of Daimler, roughly a third more than previously known.

The German automaker didn’t ...