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26 Feb 2018, Waratthapoom Buarapha, EMIS Editor

Chinese automaker Geely acquires a 9.69% stake in Germany’s Daimler

Geely, an automobile manufacturer in China, announced that it has acquired a 9.69% stake in Daimler in order to gain deeper insights into the technology of the German carmaker, Shanghai Daily has reported referring to the statement from Li Shufu, Geely's founder and main owner.

Li’s US$9 billion investment has made Geely the top shareholder in Daimler. Prior to this latest deal, Geely has previously bought a 49.9% stake in Malaysia’s Proton and invested US$3.3 billion in Volvo Trucks last year.

According to Li, the Chinese automaker decided to forge alliance with Daimler, one of the leading companies in electric and self-driving vehicle development, in order to compete with new challengers in the global car industry such as Tesla, Google and Uber.

Sign in and read the full article in emis.com Original source: Shanghai Daily