Founder Geely became the largest shareholder of DaimlerFebruary 24, 2018
Today, February 24, a subsidiary of Geely, owned by the founder of the Chinese holding Li Shufu, acquired 9.69% stake in Daimler AG. After the purchase, he became the largest shareholder of the concern.
“Daimler is an outstanding company with first-class management, it will be an honor for us to support this unique team led by Dieter Zetsche in the future,” commented Lee Shufu, Chairman of the Board of Directors and owner of Geely Holding Group. “I am especially pleased to accompany Daimler on the way to becoming one of the leading suppliers of electric vehicles in the world. I will fully comply with the charter of the company and the management structure of Daimler, and respect its values and culture. ”
Note that in 2017, the income of Geely Holding Group exceeded 270 billion yuan (about 43 billion dollars), making the company the largest private car manufacturer in China and one of the world’s leading suppliers of cars. The group already owns a number of major global companies: Geely Auto, Hangzhou (46%), Volvo Cars (100% stake), Lotus Motor Cars (51%), Proton Cars (49.9%) and London Taxi (100% shares). Geely Group also owns one of China’s largest electro-taxation services Cao Cao, which operates about 16,000 electric vehicles.
“None of the current players in the automotive industry is likely to win a battle with competitors alone. To achieve technological leadership, it is necessary to use a new way of thinking and unite forces. My investments in Daimler reflect this vision, “Lee Shufu added.
Previously, Geely acquired a stake in AB Volvo, becoming the largest shareholder in a Swedish concern specializing in the production of commercial vehicles and industrial equipment.