German vehicle manufacturer Daimler AG is investing 2 billion euros ($2.67 billion) in its local joint venture with Beijing-based BAIC Motor Group, a fund infusion that will finance construction of the world's largest Daimler production facility by 2015.

The German premium vehicle producer plans to more than double its annual capacity to 200,000 units by 2015, said Hubertus Troska, President and CEO of Daimler Greater China.

"China, which has already become the top global automotive market, will for sure become the biggest premium car market from a long-term perspective," said Troska. "If we want to be a successful leader in this important market, we need more locally produced vehicles."

The company is opening 75 new dealerships this year in 36 new cities, 45 percent of which will be third- or fourth-tier cities. By the end of 2013, there will be 337 dealer outlets in 151 Chinese cities.