Geely Boss Becomes Daimler’s Biggest Shareholder By Acquiring $9 Billion Stake

China’s Li Shufu, owner and chairman of Geely, has purchased a stake of 9.69 percent in Daimler, which makes him the company’s biggest single shareholder.

The stake is worth nearly $9 billion in the current market price for Daimler shares, with Li building up his percentage in the stock market in recent weeks.

It’s no secret that Geely was looking to strike an alliance with Daimler the past few months over EV technologies, as the Chinese government’s requirements for cleaner cars create pressure on automakers.

The German automaker announced the news in a regulatory filing on Friday. A Daimler spokesman described the stake purchase as a private investment by Li, Reuters reports.

“We are delighted, with Li Shufu, to have won over another long-term investor who is convinced of Daimler’s innovative prowess, strategy and future potential,” the spokesman said.

“Daimler knows and respects Li Shufu as a Chinese entrepreneur of particular competence and forward thinking.”

Earlier reports suggested that Daimler had turned down an offer from Geely to buy a stake of up to 5 percent at a discounted rate. Geely currently owns Volvo Cars, Polestar, the London Taxi Company and last year acquired a 49.9 percent stake in Proton, which includes Lotus.

Li’s stake purchase makes him the biggest shareholder of the company that owns Mercedes-Benz cars, trucks and vans, surpassing the Kuwait Investment Authority which owns a 6.8 percent stake.

  • LWOAP

    Interesting….

  • Bo Hanan

    So the individual bought the shares and NOT the company?…. WOW!

    • xDRAN0x

      well they bought power

    • Well it’s not that simple, Stocks can only be bought when someone let go off theirs, and also company received the rights to refuse an offer.

      But he has the largest stock among others, so his voice in the board is considered crucial.

  • Hoe

    I don’t see Geely will go for less in the future, just the opposite, more and more..
    Let us see if Germany allows it

  • Jason Panamera

    Seems like chinese goverment money in ,,private brands suit” is expanding pretty well.

  • ErnieB

    That guy looks evil🤣

  • Honda NSX-R

    Savage.

  • SteersUright

    Were so blinded by greed in the West that we’ll sell you anything the minute you show us briefcases full of money.

  • SteersUright

    Thank you for this nonsensical comment. Germany is indeed in the European Union, some argue it IS the European Union. That said, Europe is ALSO known as part of “The West” and “Western Society”.

Nissan Murano Tries To Squeeze In, Hits Barrier And Two Semis

There was a ‘Left Lane Ending’ sign, but for some reason the Murano’s driver pulled to the right too late.

Audi’s Compact Electric Crossover Tipped To Arrive In 2020, Concept Due Next Year

The new Audi electric crossover will be underpinned by the VW Group’s new modular MEB platform.

Autonomous Toyota Prius Reportedly Drives Itself Coast-To-Coast With No Issues

The engineer accused to stealing more than 14,000 files from Google, claims to have made the trip in October.

Car Collector Trades In FIVE Toyota MR2s For ONE Mazda MX-5

That was apparently an offer the retired college professor couldn’t refuse.

New Porsche 718 T Boxster And Cayman Bring Some Zing To 4-Cylinder Turbo Range

The new models feature a turbocharged 2.0-liter four-cylinder with 295 hp.

McLaren 720S Velocita By DMC Gets 744 HP, Carbon Fiber Parts

Stage 1 adds some carbon fiber parts on the outside and a software mod for the engine.

The Windshield Of The Future Could Be A Giant Display For Streaming Movies

Hyundai Mobis’ latest concept combines a high-tech windshield with gesture control technology.

2020 Kia Telluride Shows Its Production Styling In New Teaser Video

The 2020 Telluride with debut in Detroit with seating for up to eight people.

Six-Cylinder Engines Are The Heart And Soul Of The Supra, So Toyota Turned To BMW

According to Toyota, fans won’t accept anything less than a six-cylinder engine in the new Supra.

2020 Land Rover Defender Teased, Could Debut Next Year

In a holiday themed message, Land Rover says the Defender will be “unwrapped” next year.