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Geely Buys 9.7% of Daimler AG for $9.2 Billion

Chinese company now Daimler's largest shareholder.

by on Feb.23, 2018

Geely Chairman Li Khufu purchased 9.7% of Daimler AG for $9.2 billion.

Li Shufu, Geely’s chairman and majority owner, continues to sample different flavors from the automotive industry buffet, spending $9.2 billion for a 9.7% stake in Daimler AG.

The purchase, which was revealed in a regulatory filing, makes Shufu Daimler’s largest single shareholder ahead of the Kuwait Investment Authority, which holds 6.8%. Nearly 71% of Daimler shares are held by institutional holders, like Shufu.

The Last Word!

“We are delighted, with Li Shufu, to have won over another long-term investor who is convinced of Daimler’s innovative prowess, strategy and future potential,” a Daimler spokesperson told Reuters. “Daimler knows and respects Li Shufu as a Chinese entrepreneur of particular competence and forward thinking.” (more…)

Waymo Buying “Thousands” of Chrysler Minivans for New Driverless Ride-Hailing Service

Project will target “multiple U.S. cities.”

by on Jan.30, 2018

Waymo has been testing its ride-sharing program in Phoenix but plans to launch in other markets as it goes fully driverless.

Waymo plans to buy “thousands” of Chrysler Pacifica Hybrid minivans to be used as Google’s autonomous vehicle spin-off sets up a driverless ride-hailing service in “multiple U.S. cities,” Waymo and Fiat Chrysler Automobiles announced Tuesday.

The announcement marks a significant step forward for both companies. While considered a leader in the field, it had not been clear how Waymo was planning to commercialize its development of self-driving vehicle technology. For its part, FCA has been reluctant to invest in autonomous vehicle research but could now make a big leap by expanding its nascent alliance with Waymo.

Tech News!

“In order to move quickly and efficiently in autonomy, it is essential to partner with like-minded technology leaders,” Fiat Chrysler CEO Sergio Marchionne said in a statement. “Our partnership with Waymo continues to grow and strengthen; this represents the latest sign of our commitment to this technology.”

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