With Daimler deal, Geely’s Li Shufu continues to bet big on global push
Chinese automaker Geely has announced that they have purchased a $9 billion stake in the German automaker Daimler AG. The deal is the latest in a long line of moves by Geely Chairman Li Shufu. Over the past several years, the company has purchased significant stakes in Volvo, Ford, Lotus, Proton, and Terrafugia. Shufu also owns LEVC, which manufactures the black cabs of London.
Li Shufu founded Geely all the way back in 1986, and the company’s biggest product line was refrigerators. By 1997, the company began to focus solely on making automobiles. Shufu is regarded as the Henry Ford of China and is on the Forbes list of richest Chinese people, said to be workth nearly $17 billion.
This latest move positions Geely into being the largest shareholder in Daimler and the hopes are that the German company will share technology with Geely, something that would be an amazing fear. The deal does create some competition concerns for other automakers including Volvo, in which Geely also holds a substantial position.
Li Shufu does not appear to be letting up on his company’s global push in the automotive industry. From flying cars to autonomous cars, Geely will be a global force to be reckoned with well into the 21st century.