The Geely Group has become the largest shareholder in Daimler AG by acquiring a 9.7 percent stake in the company through open-market purchases. Renault Nissan is the second largest shareholder. Managed by Zheijang Geely Holding Group, the entrepreneur Li Shufu-owned company made regulatory disclosures after the close of markets on February 23.
Meanwhile, Daimler AG confirmed that Li Shufu has acquired 9.69 percent (103,619,340 shares) of the company.
The share purchase makes Li Shufu currently the single-largest shareholder of Daimler AG and points to a long-term commitment. For the time being, neither the Geely Group nor any other company in the Zheijang Geely Holding Group intend to acquire additional shares. Li Shufu said that he will fully abide by the company charter and governance structure of Daimler AG and respect its values and culture.
With revenue exceeding US$ 42.7 billion in 2017, the Zheijang Geely Holding Group is China’s largest privately owned automotive manufacturing company and one of the world’s leading providers of electro-mobility.
Major assets of the group include leading Chinese automaker Geely Automobile Holdings Ltd., Hangzhou (46 percent), Volvo Cars, Gothenburg, Sweden (100 percent), Volvo Trucks, Gothenburg, Sweden (8.2 percent), Lotus Motor Cars, Norfolk, UK (51 percent), Proton Cars, Malaysia (49.9 percent), London Taxi, Coventry, UK (100 percent) and China’s largest car-sharing provider, Cao Cao (100 percent), operating a fleet of around 16,000 electric vehicles worldwide.