Geely chairman becomes Daimler's largest shareholder

Li Shufu, the chairman and main owner of China Zhejiang Geely Holding Group, has acquired a 9.69% stake in Daimler, the German carmaker of Mercedes-Benz cars.

The stake, worth just under $9 billion, makes Li the biggest single shareholder in Daimler. Mr Li made the acquisition in a private capacity.

Geely currently owns the Swedish premium carmaker Volvo Cars and Volvo AB, the lorry manufacturer. Geely also took over British sports car maker Lotus in 2018. In 2013, the company bought Magnanese Bronze Holdings, the manufacturer of the iconic black London taxicabs. In the course of this year, Geely is set to launch its first Chinese brand on the European market, Lynk & Co.