Chinese carmaker BAIC Group announced Monday that it has increased its stake in Daimler AG to 9.98 percent in order to strengthen the long-term strategic partnership.

According to an agreement between the two parties, BAIC, which is headquartered in Beijing, has no further plans to increase its shareholding in the German luxury-car manufacturer.

BAIC said in a statement that the increase in holdings is a strong signal of trust in the great potential of Daimler's future transformation.

Daimler holds a 9.55 percent shareholding in BAIC's HK-listed company BAIC Motor and 2.46 percent of BAIC's A-share listed company BAIC BluePark.

Cross-shareholdings will support both parties to achieve high-quality development and long-term success in the Chinese market, said the statement.

Daimler has been one of the most important strategic partners of BAIC over the past 20 years.

The partnership has been an excellent example of Sino-German collaboration, making substantial contributions to bilateral industrial cooperation, technology innovation as well as economic and social developments, said the statement.

Echoing the trends "electricity, connectivity, intelligence and sharing" in the automotive industry, and with a joint commitment to making positive contributions to China's carbon-neutral development goals, both BAIC and Daimler have launched a series of new-energy vehicles.

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