Daimler support for partner's IPO plans in Hong Kong

Daimler AG is in talks with local partner BAIC Group to become a shareholder in the company's passenger car unit expected be listed on the Hong Kong stock exchange this year.

"BAIC is planning the IPO of its passenger car division and we will support that intention," Dieter Zetsche, chairman of Daimler, told the media at the Detroit auto show last week.

"We are currently negotiating what the framework would be and what our role would be," he said.