Geely builds stake in Germany's Daimler

5/15/2018 8:20:56 AM

Li Shufu, the chairman of Chinese carmaker Geely, as built up an almost 10 percent stake in Mercedes-Benz owner Daimler. The purchase means that China's largest privately-owned automaker, is now Daimler's biggest shareholder.

Geely is said to seek an alliance with Daimler, that is developing electric and self-driving vehicles to compete with new players such as Tesla, Google and Uber. Geely is known to seek access to carmakers with a technological edge, as a way to survive.

CNBC reports that, in earlier deals, Geely acquired Volvo Cars and LEVC, the maker of London's black cabs. “Last year it took a majority stake in sports car maker Lotus, a 49.9 percent stake in Malaysian automaker Proton, a $3.3 billion stake in Volvo Trucks and control of flying car start-up Terrafugia.”

Further reading on cnbc.com

< Previous Next >

Related articles