China's Geely Is Buying $9 Billion Stake in Daimler

China's Geely buying $9 billion stake in Daimler - Bloomberg

China's Geely buying $9 billion stake in Daimler - Bloomberg

Hangzhou, China, a company owned by Li Shufu and managed by Zhejiang Geely Holding Group Co., Ltd., has acquired a 9.69% stake in Daimler AG. To achieve and assert technological leadership, one has to adapt a new way of thinking in terms of sharing and united strength.

"While companies like Geely continue to develop their own products for the long-term, they see an opportunity to own some winners right now", he said. Geely representatives weren't immediately available to comment.

Daimler overtook homegrown rival BMW to become the world's largest luxury auto maker by unit sales in 2016, helped by a broad refresh of its model range and powerful sales growth in China.

Zhejiang Geely owns Volvo Cars, as well as the maker of London's black cabs and a year ago acquired a 49.9 percent stake in Malaysian automaker Proton.

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Daimler, which owns Mercedes-Benz Cars & Vans as well as Daimler Trucks & Buses, joins a litany of German luxury automakers getting anchored by big billionaire investors. The share reportedly has a market value of roughly 9 billion dollars. "With Mr Li and Geely, Daimler has open access to the largest market of the world", he said.

Normally, investors are required to inform the German financial regulator and the market when their share of a public company reaches 3 and then 5 percent.

German business media have for weeks reported Li and Geely's interest in Daimler, but Friday was the first time Li's stake crossed the threshold of 3 percent of stock, requiring a public notification.

"Daimler is an outstanding company with a first-class management".

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Only two to three manufacturers will survive in the auto industry moving forward, said one source who is familiar with the way Li thinks.

The deal, which is yet to be approved by Chinese regulators, has boosted Geely's existing overseas investment portfolio.

Geely itself is no stranger to the European auto business, having bought Sweden's Volvo Cars Corp in 2010.

Li Shufu: "The competitors that challenge the global vehicle industry in the 21st century technologically are not part of the automotive industry today".

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

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