Dieter Zetsche, president and CEO of Daimler AG and Mercedes-Benz, said that Mercedes cars are falling behind its competitors but believes that the company will catch up by 2020, Chinanews.com reported Monday.
"I have confidence that Mercedes Benz will overtake our rivals by no later than 2020," said Zetsche in a recent interview
The sales of Mercedes cars in 2012 totaled 196,211, about half of Audi's sales volume of 402,888 and behind BMW's 326,000.
Daimler plans to participate in the IPO of BAIC Motor, the passenger car division of its local partner, BAIC Group, acquiring a 10 to 20 percent stake.
It has also committed to integrating the sales channels in the Chinese market to improve sales in the region.
In December, Daimler Northeast Asia Ltd and BAIC Group established the joint venture Beijing-Mercedes Sales and Service Co Ltd to accelerate growth in China. In the same period, the headquarters in Germany appointed a new board member dedicated to operations in China.