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

Subscribe today to have every issue of evo delivered straight to you. You'll SAVE 39% on the shop price, and get evo for its original cover price for a whole year!

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/202762/volkswagen-golf-r-vs-mercedes-amg-a35-business-class-hot-hatchbacks-face-off
Mercedes

Volkswagen Golf R vs Mercedes-AMG A35 – business class hot hatchbacks face-off

17 Jun 2020
Visit/mercedes/202756/mercedes-amg-to-launch-new-eturbo-tech-on-next-generation-performance-models
Mercedes

Mercedes-AMG to launch new eTurbo tech on next-generation performance models

17 Jun 2020
Visit/aston-martin/202655/mercedes-amg-boss-to-take-control-of-aston-martin
Aston Martin

Mercedes-AMG boss to take control of Aston Martin

26 May 2020
Visit/mercedes/202269/2021-mercedes-amg-gt73-4-door-hybrid-spied-testing
Mercedes

2021 Mercedes-AMG GT73 4-Door hybrid spied testing

20 Feb 2020
Advertisement

Most Popular

Visit/news/20376/scuderia-cameron-glickenhaus-004s-order-books-open-for-674bhp-three-seater
News

Scuderia Cameron Glickenhaus 004S: order books open for 674bhp three-seater

Announced in 2017, the road-legal Scuderia Cameron Glickenhaus 004S is now set to enter production later this year
6 Aug 2020
Visit/bmw/2-series-coupe/202900/new-bmw-2-series-coupe-spied-ahead-of-reveal
BMW 2 Series coupe

New rear-wheel drive BMW 2-series coupe spied – the M2’s not dead yet

BMW’s 2-series Coupe is coming back, with right-wheel drive.
6 Aug 2020
Visit/best-cars/15315/best-cars-to-buy-for-ps20000-evo-garage
Best cars

Best cars to buy for £20,000 – evo garage

The evo team pick their favourite used performance cars
4 Aug 2020
Visit/ferrari/roma
Ferrari

Ferrari Roma 2020 review – a new take on the Italian GT

Direct, engaging handling and superb ride quality, plus strong performance: the sharp-suited Roma nails its GT brief
5 Aug 2020