Has Geely Cut Its Holding In Daimler? The Chinese Carmaker Says ‘no’
Geely Auto Group, one of China’s most successful carmakers, said its holding in Daimler remained unchanged, refuting a Bloomberg report that said it had cut its 9.7 per cent stake in the German carmaker by more than half.
“As a long term investor, Zhejiang Geely Holding has not sold any shares. The Daimler shareholding remains unchanged,” the company said in a statement on Friday.
The statement came after Bloomberg said Geely, controlled by Chinese billionaire Li Shufu, had sold a 5.4 per cent stake of the German company.
Geely, which also owns Volvo Cars, has been a pioneer among Chinese vehicle companies to expand overseas.
It spent about US$9 billion in the beginning of 2018 for the Daimler stake, in a deal underscoring Li’s ambitions to turn Geely into a global carmaking powerhouse.