Find a car review

Make
Model

Geely takes a £6.4 billion stake in Daimler

The Chinese brand that owns Lotus, Polestar and Volvo is now the major shareholder in the Mercedes-Benz parent company

Mercedes has a new major shareholder in the shape of Geely, the brand that already owns Volvo and recently brought you performance car spin-off Polestar. Geely, under the guidance of its billionaire owner Li Shufu, has taken a £6.4 billion stake in Daimler, the parent company of Mercedes-Benz, securing 9.69% of the firm.

It’s thought that the move from the Chinese company that also recently purchased Lotus is an attempt to secure technological cooperation from Mercedes, the German marque being seen as a leader in the electric vehicle field under the auspices of its all-electric EQ brand. Geely recently launched both the Polestar electric performance car brand and Lynk & Co - an attempt to sell EVs to younger customers around the world.

Subscribe to evo magazine

If you're passionate about the world's greatest performance cars, experience the thrill of driving with evo magazine. Try your first 5 issues for £5.

With brands including Proton, the London Electric Vehicle Company - maker of the new London Taxi - and flying car firm Terrafugia also on its books, Geely’s latest acquisition has drawn inevitable comparisons with the multi-brand Volkswagen Group. For its part, Daimler has said that it welcomes another major shareholder.

What is Geely?

In 30 years Geely has gone from selling fridges to over 400,000 cars under its own name, paid Ford $1.8 billion to buy Volvo in 2010 and, more recently, acquired a 51 per cent stake in Lotus. Then it separated the Polestar performance arm from Volvo to create a standalone EV focussed performance brand.

Advertisement
Advertisement - Article continues below

The Polestar project will be headed by a 911-sized, 600bhp hybrid GT car and see a range of performance orientated electric performance cars be built in China and sold globally via an online sales portal that will see you only lease a Polestar rather than ever owning it. Away from the electric cars, Geely also holds the key to the future of Lotus and, of course, the next Elise.  

Geely isn’t a name that has appeared in evo, products under its own brand are never likely to. However, the Chinese conglomerate now holds the future of one of the world’s most famous sports car brands in one hand while simultaneously giving the green light to an electric car company that only has performance top of its agenda and has a major stake in the mighty Mercedes-Benz.  

Advertisement

Recommended

Visit/mercedes/201730/mercedes-vision-eqs-luxury-electric-car-concept-unveiled-in-frankfurt
Mercedes

Mercedes Vision EQS luxury electric car concept unveiled in Frankfurt

10 Sep 2019
Visit/mercedes/201726/mercedes-amg-electric-car-to-target-porsche-taycan-and-tesla-model-s
Mercedes

Mercedes-AMG electric car to target Porsche Taycan and Tesla Model S

10 Sep 2019
Visit/mercedes/201625/2020-mercedes-amg-e53-coupe-spied-with-mid-cycle-updates
Mercedes

2020 Mercedes-AMG E53 Coupe spied with mid-cycle updates

16 Aug 2019
Visit/mercedes/201615/mercedes-amg-gt-r-black-series-spied-with-gt3-inspired-front-end
Mercedes

Mercedes-AMG GT R Black Series spied with GT3-inspired front end

17 Sep 2019

Most Popular

Visit/spy-shots/201770/porsche-cayman-gt4-rs-spied-718-to-receive-rennsport-treatment
spy shots

Porsche Cayman GT4 RS spied – 718 to receive Rennsport treatment

More power, more aero and less weight are already on the cards for Stuttgart’s fastest Cayman
19 Sep 2019
Visit/volkswagen/golf/21122/volkswagen-golf-mk8-spied-near-free-of-camouflage-before-october-debut
Volkswagen Golf hatchback

Volkswagen Golf Mk8 spied near-free of camouflage before October debut

All-new eighth-generation Golf is only weeks away from its reveal – this is all you need to know.
18 Sep 2019
Visit/mclaren/201759/new-mclaren-gt-review-woking-muscles-in-on-aston-martins-home-ground
McLaren

New McLaren GT review – Woking muscles-in on Aston Martin’s home ground

Is McLaren’s first grand tourer just a toned-down supercar, or something more nuanced and special?
17 Sep 2019
Visit/article/201613/goodyear-eagle-f1-supersport-picked-by-porsche
Sponsored

Goodyear Eagle F1 SuperSport - picked by Porsche

Goodyear has many close associations with premium global car brands, but being asked to develop a trackday tyre for Porsche's extreme 911 GT3 RS was a…
14 Aug 2019