China's Geely becomes largest single shareholder of Daimler

Updated 2018-02-24 09:21:01 Xinhua

Chinese auto company Geely has become the largest single shareholder of German automotive manufacturer Daimler, German news agency DPA reported Friday citing a notification of voting rights.

Zhejiang Geely Holding Group, headquartered in southeastern Chinese city of Hangzhou, has bought around 9.7 percent of Daimler's stake.

In addition to be known as owner of Swedish automaker Volvo Cars, at the end of last year, Geely also became known as the largest shareholder of the commercial vehicle manufacturer Volvo Trucks.

As a constituent of the Frankfurt-based blue-chip index DAX, the Stuttgart-based Daimler's market value reached currently over 75 billion euros, as the information of arriving investment from China pushed up its share price.

Daimler and Geely could not be immediately reached by Xinhua for comments.

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