It seems that the speculation that Geely Automobile Holdings (Geely) looking into purchasing Daimler shares are true as reported by Reuters. The Chinese carmaker was reported to have acquired less than three percent stake in the German giant.
Geely, who owns Volvo Cars, Lotus Cars, London Taxi and has a 49.9 percent stake in Proton, is said to have made this deal to tap into Daimler’s electrification technology. Geely is looking to make an extra effort to advance its electrified vehicles in light of the Chinese Government’s push for EVs.
Daimler currently already has an established industrial partner in China in a joint venture with BAIC Motor Corp. It remains unclear the nature of partnership or venture(s) Geely and Daimler will collectively pursue.
As it stands, Daimler’s largest shareholders are Blackrock (5.95 percent), Kuwait Investment Authority (5.33 percent) and Renault-Nissan Alliance (3.1 percent).