BAIC chairman set to retire, report says

BAIC chairman set to retire, report says

SHANGHAI — The chairman of China’s state-owned automaker BAIC Group, which has partnerships with Daimler and Hyundai, is set to retire, two people familiar with the matter said.

Xu Heyi, 62, took office in 2007. As chairman of BAIC Group, he developed electric vehicle maker BAIC BluePark and helped Daimler and Hyundai expand production in China, the world’s biggest auto market.

Xu’s retirement will be announced as soon as this week, sources said. BAIC did not immediately respond to requests for comment.

Xu led BAIC’s move last year to buy a 5 percent stake in Daimler which further cemented the two companies’ long-standing alliance. The deal was also seen as a move by BAIC to counter the influence of China’s Geely, which had built up a 9.7 percent stake in the German automaker.

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