China's BAIC said to be raising Daimler stake to unseat Geely as top shareholder

China's BAIC said to be raising Daimler stake to unseat Geely as top shareholder

FILE PHOTO: An employee works on an assembly line producing electronic cars at a factory of Beijing Electric Vehicle, funded by BAIC Group, in Beijing, China, January 18, 2016. REUTERS/Kim Kyung-Hoon/File Photo

Daimler‘s main China joint venture partner BAIC Group has set in motion a plan to double its stake to around 10% and win a board seat in the German luxury car maker, as it aims to upstage rival Geely, two sources told Reuters.