Geely will be Daimler's Largest Shareholder

  • Published On: 13 February 2018
  • 545 Views

Geely wants to boost its EV strategy with its alliance with Daimler.

Geely is contemplating buying over 6.8 percent of Daimler, which will make it the largest shareholder in Mercedes-Benz' parent company. Initially, the company was supposed to buy 3-5 percent of Daimler at a cost of £3.52 billion (over ₹31,300 crore). But now, it’s said that the company wants to buy more than the 6.8 percent stake that the Kuwait Investment Authority holds in the company.

This will make Geely the biggest Daimler shareholder, which will see them overtake the Renault-Nissan-Mitsubishi Alliance, which owns 3.1 percent. There’s no official statement so far though. Geely may be looking into the deal to further its electric car strategy. Geely became famous across Europe after acquiring Volvo in 2010, and it went on to buy The London Taxi Company in 2012. It established the Lynk&Co brand in 2016 and then went on to get a majority stake in Lotus.

It then acquired almost half of Proton parent company DRB-Hicom. Geely also owns US start-up Terrafugia, which intends to launch a flying vehicle in 2019.

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