China’s Geely makes $9bn Daimler bet against tech 'invaders'
Chinese car maker Geely has built up an almost 10% stake in Daimler in a $9bn bet by its chairman that he can access the Mercedes-Benz owner’s technology in the growing battle for the future of vehicles. The purchase by Li Shufu, Geely’s founder and main owner, means China’s largest privately-owned automaker is now the biggest shareholder in Germany’s Daimler. Geely said on Saturday there were no plans "for the time being" to raise the stake further. Instead, it will seek to forge an alliance with Daimler, which is developing electric and self-driving vehicles, to respond to the challenge from new competitors such as Tesla, Google and Uber. "No current car industry player is likely to win this battle against the invaders from outside without friends. To achieve and assert technological leadership, one has to adapt a new way of thinking in terms of sharing and combining strength. My investment in Daimler reflects this vision," Li said. "Daimler is pleased to announce that with Li Sh...
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