Geely Becomes The Largest Shareholder In Mercedes-Benz
The Chinese company Geely buys a 10% stake (which equals $9 billion) from Daimler AG, thus becoming the largest shareholder in Mercedes-Benz and opening new ways for Daimler and Mercedes-Benz to the world’s largest car market – China.
This step is confirmed in the Daimler’s report for markets, which says the company welcomes a new major investor.
Geely – the property of billionaire Li Shufu – already owns Volvo, Lotus and the performance electric Polestar brand, which has recently separated from Volvo. The company also owns Lynk & Co, another trademark in the EV segment targeting young buyers, as well as Terrafugia and London Electric Vehicle Company, which are developing flying electric vehicles for London Taxi.
Mercedes-Benz has already announced its goal to launch 10 different electric cars by 2022 under the new EQ brand and become the leader in EV design and battery technologies.
Source: Auto Express
Photo: the Mercedez-Benz EQ A Concept (2017)