Geely jumped as much as 8.8 per cent on Monday after it was revealed the company had built a $9bn stake in Mercedes-Benz owner Daimler in a bid to share electric vehicle technology.
Geely, which owns Volvo Cars and Lotus, has built a 9.69 per cent stake in Daimler, the German carmaker said on Friday. The Chinese carmaker is said to be keen to agree a deal with Daimler over sharing electric battery technology.
“I am particularly pleased to accompany Daimler on its way to becoming the world’s leading electro-mobility provider”, Zhejiang Geely Holding Group chairman Li Shufu said.
“In order to succeed and seize the technology highland, one has to have friends, partners, and alliances and adapt a new way of thinking in terms of sharing and united strength,” Mr Li added.
Geely said on Saturday it would not buy any further shares in Daimler “for the time being”.
Hong Kong-listed Geely Automobile Holdings shares were up 6.1 per cent on Monday, making it the best performer on the city’s benchmark Hang Seng index, which rose 0.6 per cent.
Geely shares surged 269 per cent in 2017, hitting a record high in November.
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