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Feb25

Geely Group Owner Enjoying His 103,619,340 Shares in Daimler

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2017 Mercedes-Benz C350e grille hood ornament - Image: Mercedes-Benz

In contrast to German auto titans BMW Group and Volkswagen Group, Mercedes-Benz mum or dad firm Daimler didn’t have the stabilizing impact of a household or particular person with an enormous, lengthy-time period cache of firm shares. That’s not the case, as Geely Group proprietor Li Shufu has introduced his buy of a 9.sixty nine % stake in the German automaker.

This makes Shufu Daimler’s largest single shareholder.

The Chinese language auto tycoon, whose Zheijang Geely Holding Group manages car-producing Geely Group, already owns Volvo Automobiles and Lotus, and is a serious shareholder in truck builder Volvo AB. All the time on the hunt for alternatives, the close to 10-% stake in Germany’s largest luxurious automaker ought to give Shufu the partnership he’s in search of. 

“Daimler is an impressive firm with a primary-class administration. Will probably be an honor to help this distinctive workforce underneath the management of Dieter Zetsche in the longer term,” stated Shufu in a press release. “I’m notably happy to accompany Daimler on its option to turning into the world’s main electro-mobility supplier.”

Neither Geely Group nor another subsidiary in the holding firm plan to buy extra Daimler shares, at the least “in the intervening time.”

Whereas Shufu didn’t go into additional product particulars, the share purchase reportedly comes with the intent to associate with Daimler on electric vehicle manufacturing. Getting access to the German firm’s electrification know-how would give Geely a technological edge in each the quickly rising (and EV-heavy) Chinese language market and the automaker’s export markets. To Shufu, the business is now on a struggle footing, preventing towards marauding excessive-tech startups.

“The rivals which technologically problem the worldwide car business in the twenty first century will not be a part of the automotive business as we speak,” he stated. “However with challenges come alternatives. No present car business participant will be capable of win this battle towards the invaders from outdoors independently. To be able to succeed and seize the know-how highland, one has to have pals, companions, and alliances and adapt a brand new mind-set in phrases of sharing and united power. And we’ve got act now.”

For its half, Daimler appears fairly happy that Shufu’s in it for the lengthy haul.

Stating that its new shareholder acknowledges the “innovation power, the technique and the longer term potential” of the automaker, Daimler stated it “is aware of and appreciates Li Shufu as an particularly educated Chinese language entrepreneur with clear imaginative and prescient for the longer term, with whom one can constructive talk about the change in the business.”

[Image: Daimler AG]

– Geely Group Owner Enjoying His 103,619,340 Shares in Daimler –

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