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Visitors look at a concept driverless truck at the booth of German truck maker Mercedes Benz at the IAA truck show in Hanover, September 26, 2014. The IAA 2014 will run until October 2, 2014.

German automaker Daimler made a $9-billion deal with Geely

$9 billion

Chinese auto manufacturer Geely made a sizable bet on Mercedes-Benz maker Daimler, buying a 9.69% stake in the German company for $9 billion.

Published   |  Photo by Reuters/Fabian Bimmer
Visitors look at a concept driverless truck at the booth of German truck maker Mercedes Benz at the IAA truck show in Hanover, September 26, 2014. The IAA 2014 will run until October 2, 2014.
$9 billion

Friday’s filing (Feb. 23) represents another steady chess move by Geely CEO Li Shufu, who expects “two or three companies” to survive as the automobile sector condenses.

Visitors look at a concept driverless truck at the booth of German truck maker Mercedes Benz at the IAA truck show in Hanover, September 26, 2014. The IAA 2014 will run until October 2, 2014.
$9 billion

Pollution is another major factor in the deal. China’s requirements for clean-energy cars makes Daimler’s electric technology a critical component for a healthy auto alliance.

Visitors look at a concept driverless truck at the booth of German truck maker Mercedes Benz at the IAA truck show in Hanover, September 26, 2014. The IAA 2014 will run until October 2, 2014.
$9 billion

The deal also makes Geely the largest shareholder at Daimler. Geely holds other major stakes in European automakers Lotus Cars and Volvo AB, plus full ownership of Volvo Cars.

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