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Chairman of China's Geely Has 9.7% Stake in Daimler

25 February 2018

Geely on Saturday announced that it did not have any plans for now to increase its stake any further. Currently, sovereign wealth fund Kuwait Investment Authority owns a 6.8% stake in Daimler, while automotive alliance Renault-Nissan holds a 3.1% stake. For the time being neither Geely Group nor any other company in the Zhejiang Geely Holding Group intend to acquire additional shares.

"Geely will help Daimler take the lead in electric vehicles and online technological services", said Li Shufu, chairman of Geely. Since a year ago, the company has purchased various stakes in automakers around the globe, including Malaysian brand Proton Cars, British sports and racing vehicle manufacturer Lotus Cars, and Swedish truckmaker AB Volvo.

The shares were purchased on behalf of the Chinese automotive group's chairman, Li Shufu, according to a filing by Daimler, and are worth around $9 billion at current prices.

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"Li Shufu is a Chinese entrepreneur Daimler knows well and regards highly in terms of his competency and focus on future developments", Howe said.

The share purchase makes Li Shufu now the single largest shareholder of Daimler AG and points to a long-term commitment.

The Chinese firm, which controls Hong Kong-listed Geely Automobile Holdings Ltd, has ambitious expansion plans for both its home market and overseas as it takes on global vehicle majors. The share purchase makes Li Shufu now the single largest shareholder of Daimler AG and points to a long-term commitment.

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Geely's investment arrives as Daimler begins moving away from a classic German conglomerate model that shareholders complain is too rigid. "We are just one of the investors in that given company", the source added.

Li Shufu said,"The competitors that technologically challenge the global auto industry in the 21st century are not part of the automotive industry today". The Chinese automaker acquired Volvo from Ford back in 2010 and won control of British sportscar-maker Lotus Cars just past year, evidence of Geely's planned proliferation into the European market.

His statement was followed by a keynote speech by Geely board member Carl-Peter Forster, a former BMW board member and the former head of German carmaker Opel.

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"We are in competition with one another, but should cooperate in areas where it makes sense", Forster told the audience.

Chairman of China's Geely Has 9.7% Stake in Daimler