Chinese auto manufacturer Geely Holding has purchased a $9 billion stake in Daimler AG, making it the largest investor in the German automaker, according to a report in Bloomberg.
A $3.3 billion deal will give China's Geely Holding, which already owns the Volvo Automobile Group, an 8.2% stake in Volvo Trucks.
Volvo Cars and its parent, Geely Holding, have formed two entities to share existing and future technology to help accelerate the development of electrified vehicles for Geely vehicles in China and Volvo cars.
Geely Auto recently launched its flagship Geely GC9 in the Kingdom of Saudi Arabia.
In mid-May, Chinese-based automaker Geely International Corporation rolled the first automobile off its Uruguay production line.
The company plans to complete construction of five of these facilities by September. Kandi added that by the end of 2013, there will be 30 to 40 of these facilities built in Hangzhou City.
According to the companies, they selected Geely’s Emgrand EC7 model as the base vehicle that will receive the electric drive system and plan to co-brand the EC7-EV with a “Detroit Electric – Technology” badge.
Kandi Technologies Group, Inc., a Chinese manufacturer and developer of pure electric vehicles (EVs) and all-terrain vehicles (ATVs), announced that its wholly owned subsidiary Kandi Electric Vehicles has completed a full scale pure EV production and assembly line.