By Joanne Chiu 
 

BAIC Motor Corp. (1958.HK) has agreed to pay 1.19 billion yuan ($175.8 million) to boost its stake in a Beijing based electric car maker.

The Chinese car maker, which counts Germany's Daimler AG (DAI.XE) as its strategic investor, said after markets closed Thursday that it plans to buy an additional 223.6 million shares in Beijing Electric Vehicle Co., boosting its stake to 7.8% from 6.5% after the deal.

The company's state-owned parent Beijing Automotive Group Co. also owns a 37.5% stake in Beijing Electric Vehicle.

Write to Joanne Chiu at joanne.chiu@wsj.com

(END) Dow Jones Newswires

July 20, 2017 20:30 ET (00:30 GMT)