Geely becoming partner with Mercedes

Baku. 24 February. REPORT.AZ/ Geely has acquired close to 10 per cent of Mercedes-Benz owner Daimler for about $9bn, becoming its largest shareholder in the latest sign of the global ambitions of the Chinese group. Report informs citing the Reuters.

The Chinese firm, owned by billionaire Li Shufu, already owns Volvo, Lotus, and Polestar; the performance electric car brand which recently split from Volvo. It also owns Lynk & Co - another EV marque, targeting younger buyers - as well as flying car firm Terrafugia and the London Electric Vehicle Company, builders of the new London Taxi.

Notably, earlier, Geely Holdings Group have signed agreement, which sees the latter acquiring 49.99% of car manufacturer Proton.