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 our exclusive new offer and SAVE 39% on the shop price, get evo for its original cover price of £3.00 an issue, plus get a FREE gift worth £20!

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/202269/2021-mercedes-amg-gt73-4-door-hybrid-spied-testing
Mercedes

2021 Mercedes-AMG GT73 4-Door hybrid spied testing

20 Feb 2020
Visit/mercedes/21929/next-generation-2021-mercedes-c-class-spied
Mercedes

Next-generation Mercedes C-class spied

31 Jan 2020
Visit/mercedes/18211/mercedes-amg-one-hypercar-shown-in-new-teaser-video
Mercedes

Mercedes-AMG One hypercar shown in new teaser video 

6 Dec 2019
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
Advertisement

Most Popular

Visit/porsche/911-turbo/202379/new-porsche-911-turbo-gains-lightweight-and-sport-packages
Porsche 911 Turbo

New Porsche 911 Turbo gains Lightweight and Sport packages 

The 2020 Porsche 911 Turbo hasn’t been with us for long, but a raft of packages and optional extras are already in the pipeline
26 Mar 2020
Visit/land-rover/defender/202375/new-land-rover-defender-x-p400-review
Land Rover Defender

New Land Rover Defender X P400 review

Land Rover’s all new Defender proves to be worth the wait and is now as capable on road as it is off it. It’s no driver’s car but as a do everything m…
25 Mar 2020
Visit/corvette/202016/1200bhp-hennessey-c8-corvette-shown-testing-on-video
Corvette

1200bhp Hennessey C8 Corvette shown testing on video

The C8 Corvette has only just hit showrooms, but Hennessey Performance already has big plans...
26 Mar 2020
Visit/hyundai/i30-n-hatchback/201775/hyundai-i30-n-versus-hyundai-i30-tcr
Hyundai i30 N hatchback

Hyundai i30 N versus Hyundai i30 TCR

Can Dickie Meaden beat Steve Sutcliffe in a straight(ish) race? We sent them to the Circuit Nuvolari with a pair of Hyundai i30 Ns to find out.
20 Sep 2019