Li Shufu Buys $9 Billion Stake in Daimler
In growing his investments in the auto industry, Li Shufu, one of China’s wealthy personalities, has bought a 9.69 percent stake in Daimler. Daimler is the German manufacturer of the auto brand Mercedes-Benz. The stake was acquired by an investment firm headed by Li Shufu, Tenaclou3 Prospect Investment.
Daimler’s stake is one of the various investments Mr. Li has made as he establishes his footprint in the auto industry. In 2017, Geely Holdings, a company Mr. Li founded and chairs, purchased a 51 percent stake in Lotus, a British brand-sports car. His growing portfolio includes a stake in London’s famous black taxi’s manufacturer and Volvo, the Swedish auto brand.
Mr. Li Shufu’s business journey began in 1986 when he got into the refrigerator manufacturing industry. He expanded his investment reach in the 1990s when he joined the motorcycle and the vehicle market. This grew his wealth to an estimated net worth of $13.8 billion according to Bloomberg. He has become a household name and a respected business figure in China and around the world.
Zhejiang Geely Holding Group, Mr. Li’s company, is a Chinese, privately owned manufacturer of the Geely Automobile and Volvo cars. The company’s growing fortunes have accorded Mr. Li the reputation of an astute business mind. Geely Auto is considered a top-selling brand in the Chinese auto market. Reports indicate that the firm sold one million units in 2017 alone. The company is looking to increase its prospects by tapping into the wealthier auto buyers segment of the industry through its newest brand, Lynk & Co.