Chairman Of Chinese Car Company Zhejiang Geely Holding Group has acquired close to 10 per cent of Mercedes-Benz owner Daimler
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Financial Times
Geely, which already owns Volvo Cars and Lotus, has built up a 9.69 per cent stake in Daimler, the German carmaker said in a filing late on Friday. The stake is worth roughly $9bn.
Li Shufu, the chairman of Zhejiang Geely Holding Group, will travel to Germany this week following the disclosure to begin talks with Daimler, according to one person familiar with the details. He is seeking to build the company into a Chinese version of the Volkswagen group with brands in different segments of the market.
The move marks a further push into Europe for the Chinese carmaker, a market Geely hopes to break into in its own right with its all-electric Lynk & Co brand next year.
Geely, which is racing to build electric cars in order to meet tough Chinese emissions rules that come into force next year, is keen to strike a deal with Daimler over sharing battery technology, according to two people familiar with the company’s thinking.
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