Automotive

Published on March 11th, 2018 | by Daniel Sherman Fernandez

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Daimler AG welcomes Li Shufu, a new long-term shareholder

Daimler AG confirms that the entrepreneur Li Shufu has acquired 9.69% (103,619,340 shares) of the company. Daimler is pleased to announce that with Li Shufu it could win another long-term orientated shareholder, which is convinced by Daimler’s innovation strength, the strategy and the future potential.

Daimler knows and appreciates Li Shufu as an especially knowledgeable Chinese entrepreneur with clear vision for the future, with whom one can constructive discuss the change in the industry.

“Daimler is an outstanding company with a first-class management. It will be an honor to support this unique team under the leadership of Dieter Zetsche in the future,” Li Shufu, chairman and owner of Zhejiang Geely Holding Group and Geely Group said in a statement on Saturday.

For the time being neither Geely Group nor any other company in the Zhejiang Geely Holding Group intend to acquire additional shares, Geely said.

“I will fully abide by the company charter and governance structure of Daimler and respect its values and culture,” Li said in the statement.

The investment furthers Geely’s foray into the European premium automotive market and ends months of speculation about a tie-up. The Chinese company already owns Volvo Cars, whose refreshed line-up of vehicles have made it a popular alternative to the German luxury stalwarts.

Daimler has got a broad-based portfolio and footprint in China and with BAIC a strong partner on site. Mercedes-Benz has already stated its aim of launching 10 different electric vehicles by 2022 under its new EQ brand and is widely thought to be a leader in terms of battery technology and electric car design. On the flip side, it could also open a new path into the Chinese market for Daimler and Mercedes-Benz.

 


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