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1-min read

Geely Chairman Li Shufu Says Daimler Synergies "No Precondition"

Cooperation with Geely will depend on the "desire" of Mercedes-Benz executives and is not a precondition of an investment in German carmaker Daimler, said Geely Chairman.

Reuters

Updated:March 12, 2018, 11:14 AM IST
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Geely Chairman Li Shufu Says Daimler Synergies
Geely sign is seen on a vehicle displayed at Geely Auto's booth during the Auto China 2016 auto show in Beijing, China, April 29, 2016. (Photo: Reuters)
Cooperation with Geely will depend on the "desire" of Mercedes-Benz executives and is not a precondition of an investment in German carmaker Daimler, Geely Chairman Li Shufu told Bloomberg news.

Li revealed last month he had built up an almost 10 percent stake in Mercedes-Benz maker Daimler, hoping to access electric and self-driving car technology in a move which caught the German carmaker by surprise.

"How do we generate synergies with them going forward? That will depend on whether they have such a desire. If they do, we'll collaborate with them. If they don't, then we won't," Li was quoted as saying.

"Collaboration is not the only issue and is not a precondition," Li told Bloomberg.

"Why do people think we shouldn't make an investment if there are no synergies? Why shouldn't we? Many people around the world have put money into Daimler. Why shouldn't we," Bloomberg quoted Li as saying.

The chairman's remarks come after executives at Daimler and Volvo Cars questioned the viability and industrial logic of a collaboration, and after Daimler moved to strengthen its partnership with China partner BAIC.

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| Edited by: Manav Sinha
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