Geely turns into Daimler’s largest shareholder with $9 billion stake
Automaker Daimler has a brand new largest shareholder – Geely Automotive chairman Li Shufu. The Geely stake, price an estimated $9 billion, ought to give the Chinese language automotive big extra leverage when attempting to work out cross-company tech preparations with Daimler and its sub manufacturers together with Mercedes-Benz.
Daimler is already partnered up with a significant automotive concern in China – BAIC, with which it has a three way partnership to provide autos for the nation. However Geely has been pursuing cooperation with the German auto big for a while now, particularly round autonomous driving and EVs.
This can give the corporate an excellent bargaining place, nevertheless it’s too early to inform whether or not it means extra formal partnerships and collaboration agreements are already on the best way. Geely can be the proprietor of Volvo, which it acquired from Ford in 2010.