It looks like Geely and Daimler AG could have deeper ties in the not so distant future. This comes after the Chairman of the Chinese automaker, Li Shufu, is exploring the possibility of expanding the company's collaboration with Daimler AG.
According to a report by Reuters, Geely Chairman Li Shufu wants to delve further into working with the German auto giant. But how will the company do it exactly? While Geely's big boss did not disclose his exact plans in the report, Shufu has already bought shares in Daimler back in 2018 that is worth $9 billion, accounting for 9.69% of the company. This makes him the single largest stakeholder in Daimler AG.
Not only that, Geely and Daimler recently joined forces for Daimler’s Smart car brand. Last year, the two companies entered a 50:50 joint venture to develop and operate the Smart vehicle electric brand on a global scale. To make it a reality, the two automotive groups will share their engineering and design expertise. Both companies are looking to begin global sales sometime in 2022.
Geely has controlling stakes in other automakers such as Volvo, Polestar, Lotus, and Proton. The company also owns luxury brand Lynk & Co, which they plan to launch in Europe this year. As for the rest of the world, they plan to reveal new products and services to customers all over the globe.
With Li Shufu already serving as the biggest shareholder in Daimler (including a joint venture with the company) Geely might just be able to expand easily with the help of Daimler’s global expertise.