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Geely Founder Li Shufu acquires 9.69% of Daimler AG; largest single shareholder

A subsidiary of Geely Group Co., LTD., Hangzhou, China, a company owned by Li Shufu and managed by Zhejiang Geely Holding Group Co., Ltd., has acquired a 9.69% stake in Daimler AG. The share purchase makes Li Shufu currently the single largest shareholder of Daimler AG and points to a long-term commitment. For the time being neither Geely Group nor any other company in the Zhejiang Geely Holding Group intend to acquire additional shares.

Daimler is an outstanding company with a first-class management. It will be an honor to support this unique team under the leadership of Dieter Zetsche in the future. I am particularly pleased to accompany Daimler on its way to becoming one of the world's leading electro-mobility providers. I will fully abide by the company charter and governance structure of Daimler and respect its values and culture.

—Li Shufu

Daimler issued a brief statement confirming that Li Shufu acquired 9.69% (103,619,340 shares) of the company. Daimler said it knows and appreciates Li Shufu as an especially knowledgeable Chinese entrepreneur with clear vision for the future, “with whom one can constructive discuss the change in the industry.”

With revenue exceeding RMB 270 billion (about US$43 billion) in 2017, the Zhejiang Geely Holding Group is China’s largest privately owned automotive manufacturing company. Major assets of the group include leading Chinese automaker Geely Automobile Holdings Ltd. (46%); Volvo Cars (100 percent); Lotus Motor Cars (51%); Proton Cars (49.9%); and London Taxi (100%).

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Geely Group also owns one of China’s largest car-sharing providers, Cao Cao (100%), operating a fleet of around 16,000 electric vehicles worldwide.

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