Geely has no plans to take further stakes in car manufacturers
The Chinese car maker is not looking for more acquisitions, says founder and main owner of Geely
Frankfurt — Li Shufu, the founder and main owner of China’s Geely, had no plans to buy further stakes in car manufacturers after building up a holding of almost 10% in Germany’s Daimler, he told a German newspaper. "Currently we have no plans for further purchases. We will concentrate for now on the development of existing holdings," the weekly Bild am Sonntag quoted Li as saying in an interview published on Sunday. "There are many ideas, and there is much to do." Li has led a major acquisition push globally since 2010, when he took over Swedish car brand Volvo from Ford for $1.8bn. Over the past year, he has snapped up a $3.3bn stake in truck maker AB Volvo, a majority stake in sports car maker Lotus, a 49.9% stake in Malaysian car maker Proton and flying car start-up Terrafugia. He already owns LEVC, the maker of London’s iconic black cabs. His purchase of a $9bn stake in Daimler, unveiled last week, surprised the market and rekindled fears in Germany of its highly prized industri...
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