Geely becomes largest shareholder in Daimler
Chinese carmaker Geely has acquired a 9.7 per cent stake in German auto giant Daimler, making them the largest shareholder in the company. The Geely stake is estimated to be around $9 billion, and was purchased by Geelys founder and chairman Li Shufu.With 9.7 per cent, Geely is the biggest shareholder in Daimler ahead of the country of Kuwait that holds 6.8 per cent and the Renault Nissan Mitsubishi alliance that holds 3.1 per cent. The partnership with Geely and Diamler is one that will focus on electric vehicles and autonomous vehicles. Just to give you some perspective, Geely already owns Volvo Cars, has a controlling stake in Lotus, and is the largest shareholder of Volvo Group. They have slowly been acquiring stakes in a lot of companies and are building immense capabilities. A lot of ears have perked with this latest investment, and there are fears of Diamlers tech falling in to Chinese hands.