“Daimler has a broad-based portfolio and footprint in China,” Daimler said, noting that Beijing Auto remained “a strong partner on site". The Daimler stake was purchased by an investment company headed by Li called Tenaclou3 Prospect Investment, according to the Daimler filing. Reports of his interest in purchasing a Daimler stake had been appearing in the German media for weeks. “With Mr Li and Geely, Daimler has open access to the largest market of the world,” he said. Volvo announced last year that all of its models would be hybrids or electric cars by 2019.

Source: Bangkok Post February 24, 2018 07:52 UTC