Tuesday, 16 October, 2018

Major Chinese auto exec takes stake in Daimler

China's Geely makes $9 billion Daimler bet against tech invaders Major Chinese auto exec takes stake in Daimler
Sherry Houston | 25 February, 2018, 00:36

Ltd., has acquired a 9.69% stake in Daimler AG, owner of the Mercedes-Benz brand, becoming the German company's largest single shareholder. Geely is the largest privately owned automaker in China and has a tough road ahead of it as Chinese authorities look to tighten emissions regulations to heavily favor electric vehicles.

A Daimler spokesman called the stake purchase a private investment by Li. "It will be an honor to support this unique team under the leadership of Dieter Zetsche in the future", said Li Shufu, chairman and owner of Zhejiang Geely Holding Group and Geely Group.

Only two to three manufacturers will survive in the auto industry moving forward, said one source who is familiar with the way Li thinks.

Daimler overtook homegrown rival BMW to become the world's largest luxury auto maker by unit sales in 2016, helped by a broad refresh of its model range and powerful sales growth in China. Geely representatives weren't immediately available to comment.

Geely Holding has increased its expansion drive.

His interest in Germany is the latest in a string of acquisitions by wealthy Chinese firms and individuals, including conglomerate HNA which owns an 8.8% stake in the country's biggest lender Deutsche Bank.

In 2010, it purchased Sweden's Volvo Cars.

"Chinese companies understand that leading European firms lean heavily on the People's Republic for sales and profits", said Michael Dunne, president of Dunne Automotive, a Hong Kong-based investment advisory firm focusing on automotive markets in Asia.

Geely bought the struggling Volvo VOLVB -1.31% vehicle brand in 2010 and invested more than $3 billion in a stake in Volvo AB, the separate truck maker, late a year ago.

Worldwide motor manufacturers are seeking to strike deals in China, the world's largest vehicle market, but centred on electric cars in order to get an increased foothold in a segment set to grow rapidly in the coming years. Geely plans to start selling a compact five-seat SUV, now marketed under the Lynk & Co brand, outside China from mid-2019.

He added that Geely could give Daimler an important partner.

Recommended

Jimmy Butler suffered meniscus injury CELTICS 110, PISTONS 98 Kyrie Irving scored 18 points and rookie Daniel Theis had a career-high 19 to lift Boston to the victory. After grabbing a rebound, the All-Star pivoted and planted hard on his right foot before collapsing and grabbing his right knee.

Trump Directs DOD to Hold Military Parade on Veterans Day Trump Directs DOD to Hold Military Parade on Veterans Day But officials told CNN that the White House's wish is to find McMaster a four-star job that is seen as acknowledging his service. Earlier this week, press secretary Sarah Sanders said the president "still has confidence in General McMaster", Reuters reported.

Middlesex Hospital partially opened after man crashes vehicle into emergency room entrance Middlesex Hospital partially opened after man crashes vehicle  into emergency room entrance Drew said investigators were also looking into a home at 66 Milardo Ln.in Middletown and evacuated neighboring houses around it. The crisis room and adjacent structures were emptied as a safeguard was the inquiry proceeds with, Drew said.

Timeline: How Antonio Conte and Jose Mourinho's feud unfolded Timeline: How Antonio Conte and Jose Mourinho's feud unfolded You can also follow all the action from Old Trafford right here on AS English, with our inimitable live coverage. Mourinho's side host Chelsea in a crucial top-four Premier League battle tomorrow.

New Syrian-Russian offensive kills more than 400 civilians in Eastern Ghouta New Syrian-Russian offensive kills more than 400 civilians in Eastern Ghouta It would allow attacks directed at extremists from the Islamic State group and all al-Qaida affiliates including the Nusra Front to continue.

Californian captive children taste freedom for the first time Californian captive children taste freedom for the first time The children are said to be excited to start their new lives and love watching " Harry Potter " and "Star Wars" movies. Before the additional charges were added on, the Turpins were already facing up to 94 years or life in prison.

Donald Trump's suggestion about giving GUNS to TEACHERS leaves Twitterati in shock Donald Trump's suggestion about giving GUNS to TEACHERS leaves Twitterati in shock We need to arm our teachers with more money in their pocket". "I left him with a collage of pictures and a frame", Pollack said. Enhancing school security remains top of mind for many lawmakers in the wake of the deadly school shooting in Florida.

FluMist spray vaccine is OK next season — CDC panel FluMist spray vaccine is OK next season — CDC panel "LAIV4 is an option for influenza vaccination for persons for whom it is otherwise appropriate", the new recommendation reads. Studies have suggested that while FluMist fell down against swine flu, it has been effective against other types of flu.

Surprise Crude Draw Lifts Hope For Oil Market Surprise Crude Draw Lifts Hope For Oil Market In November 2016, OPEC, along with Russian Federation , made a decision to cut oil production by 1.8 million barrels a day. The firm dollar outweighed a reported fall in USA crude inventories.

Snow Expected Saturday Prompts Winter Storm Warning Snow Expected Saturday Prompts Winter Storm Warning ADOT advised travelers headed to the Grand Canyon to allow plenty of extra travel time because of snow and limited visibility. A high in the low 20's will be in effect with increased winds up to 20-30mph today as the pressure gradient tightens.

Texas Gov. Abbott grants clemency hours before scheduled execution Texas Gov. Abbott grants clemency hours before scheduled execution Whitaker will now serve life in prison without the possibility of parole, the governor's office said Thursday evening. Following Thursday's decision, Kent Whitaker told reporters he was grateful for Abbott's decision.

NCDHHS: 27 more flu deaths, 200 so far this season NCDHHS: 27 more flu deaths, 200 so far this season If there is any good news, it's that it appears the peak has been reached and the number of cases is slowly declining. The state Department of Public Health reports an additional 20 flu deaths for the week ending last Saturday.

'Not a budget for the poor' - Mixed reactions to Gigaba's budget speech 'Not a budget for the poor' - Mixed reactions to Gigaba's budget speech South Africa opposition, Democratic Alliance (DA), disagreed with him that the Zero-rating food will provide relief to the poor. Returning NSFAS students at university will have their loans for 2018 onwards converted to a bursary.

'Measles in Europe up 400% in 2017' 'Measles in Europe up 400% in 2017' Studies have repeatedly refuted this claim, which were based on a paper by British former gastroenterologist Andrew Wakefield. The surge included large outbreaks (100 or more cases) in 15 of the 53 countries, but Ireland was not included.

Battle Over Net Neutrality Moves To Congress, Courts Battle Over Net Neutrality Moves To Congress, Courts Just because the FCC has published the order with the Federal Register doesn't mean that everything is lost. The lawsuit isn't the only action states are taking to preserve net neutrality.