Thursday, July 2, 2020
No menu items!

China’s Geely becomes largest shareholder of Mercedes owner Daimler

The acquirement, which was revealed in a regulatory filing by Daimler on Friday, makes Geely chairman Li Shufu the largest single shareholder of the German group, overtaking the Kuwait Investment Authority, which holds 6.8 percent.

Nearly 71 percent of Daimler shares are held by institutional investors.

The deal marks Geely’s further expansion into the European premium automotive market and is the latest move by Geely to build up its international presence.

The Chinese automaker already owns Swedish automaker Volvo Cars and black taxi maker the London Electric Vehicle Company.

The group also took a 49 percent stake in troubled Malaysian automaker Proton, a controlling interest in British sports car brand Lotus, as well as acquiring a flying-car business called Terrafugia in 2017.

Latest News

Motorcyclist struck by a car in Baytown

BAYTOWN - An investigation is underway after a man was struck and killed on West Baker last...

Houston artist creates a mural in honor of Vanessa Guillen

HOUSTON - Houston mom and son duo paired up again to create a mural in honor of the missing Fort Hood soldier,...

Officers charged in botched Harding Street raid

HARRIS COUNTY – Multiple officers have been charged in connection to the Harding Street raid that left two deceased.

Trump says jobs report proves U.S. economy ‘roaring back’

U.S. President Donald Trump at a press briefing on Thursday (July 2) celebrated a government report showing the country gained 4.8 million...

Memorial Villages police officer shoots suspect in west Houston

More Articles Like This