Geely on Saturday announced that it did not have any plans for now to increase its stake any further. 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.
The vast auto market in China and the rising strength of Chinese automakers have contributed to a series of worldwide mergers and acquisitions.
Chinese automaker Zhejiang Geely will soon announce a $9.2 billion stake in German luxury conglomerate Daimler AG. "At the same time, this opens another path into China for Daimler".
However, in a speech to the CAR Institute automotive conference in Bochum, Germany earlier this month, Li skirted around the speculation, saying that Europe has "a very important role for the development of automotive brands under our leadership".
"Geely will help Daimler take the lead in electric vehicles and online technological services", said Li Shufu, chairman of Geely.
"Daimler knows and appreciates Li Shufu as an especially knowledgeable Chinese entrepreneur with clear vision for the future, with whom one can constructively discuss the change in the industry", it said. Daimler is working on both electric cars and battery-powered trucks. HNA Group Co, the aviation-to-hotel conglomerate, has a stake of about 8.8 per cent in Deutsche Bank AG, and industrial-robot maker Kuka was purchased by Midea, the world's largest appliance maker.
"I will fully abide by the company charter and governance structure of Daimler and respect its values and culture", Li said in the statement.
Daimler told Bloomberg that it welcomes another major investor and views the move as a vote of confidence.
And it seems that't exactly what he's done, and now owns 9.69 per cent of Daimler - which will have cost him around £6.5 billion - making Li the single largest shareholder, with 50 per cent more stock than the next biggest shareholder Kuwait Investment.
"The competitors which technologically challenge the global auto industry in the 21st century are not part of the automotive industry today", Li said.
Northern Irishman Rory McIlroy survived the cut but is back at four over after shooting a second straight 72. Getting some 15,000 people to quiet down proved almost impossible as Woods tried to figure out what to do.
The gurney is used to restrain condemned prisoners during the lethal injection process at an execution chamber in Huntsville. Greg Abbott on Thursday accepted the state parole board's recommendation and spared the life of Thomas "Bart" Whitaker.
However, business analysts pointed out that there was another significant factor at work behind the plummet in Snapchat shares . Snapchat has been under fire from users who have criticized the app's new layout for being too confusing to navigate.
Fellow Russian Aleksandr Krushelnitckii was stripped of his curling bronze medal this week after testing positive for meldonium. In conclusion, I thanked my colleagues, with whom we worked extensively, so that athletes could perform at these Games.
The Taliban said it was behind a raid in the western province of Farah that killed at least 18 soldiers and captured a base there. Earlier Saturday, an attacker riding an explosives-laden motorcycle had sought to target a security checkpoint in the same area.
Roughly 12,000 people depend on the industry, which contributes about $2.77 billion to the provincial economy. ET on February 22, 2018 with additional information about a change in B.C.'s previously announced measures.
Neelum Munir is a popular TV and film actor in Pakistan and was recently signed up by Multan Sultans as brand ambassador. Later, the youngster grabbed the wicket of Kumar Sangakkara; the highest scorer in the Multan Sultan's innings.
Abbas insisted this was necessary because Trump's America and Israel were refusing to make the kind of peace he envisions. Our negotiators are sitting right behind me, ready to talk. "The choice, Mister President, is yours".
Finance Minister Mathias Cormann will take on the acting role, as deputy Liberal leader Julie Bishop is also out of the country. The United States is Australia's most important security partner, while China is Australia's biggest trading partner.
BB&T outage affecting ATMs, online banking
The interruption of services was first reported Thursday night and appeared to last until just before noon Friday . He said the bank expected information on balances and transactions to become current later Friday.
Porsche drops all diesel models from line-up
The Cayenne model had initially been recalled past year due to "irregularities in the engine control software". Officially, a drop in customer demand has pushed Porsche to remove its last diesel auto from sale.