Geely chief amasses $9 billion stake

Thrugelmir

Signs of a changing world. Where power is slowly shifting East. While Brussels fiddles and burns.

Geely chief amasses $9 billion stake in Germany's Daimler

Li Shufu, the chairman and main owner of Chinese carmaker Geely [GEELY.UL], has amassed a stake of 9.69 percent in Daimler AG (DAIGn.DE), the German carmaker said in a regulatory filing on Friday.

The stake, worth nearly $9 billion at the current market price for Daimler shares, makes Li the biggest single shareholder in the maker of Mercedes Benz cars, trucks and vans headquartered in the German city of Stuttgart.

https://uk.reuters.com/article/uk-daimler-geely-stake/geely-chief-amasses-9-billion-stake-in-germanys-daimler-idUKKCN1G72AZ?il=0

westernpromise

Interesting. I reckon the German car industry will be so badly damaged by the emissions scandal that several will have to sell out to avoid going bust. Mercedes and VW must be top of the at-risk list.

They'll end up like us: they'll still have a car industry making cars, but they'll be foreign owned and the cars will be foreign too.

Thrugelmir

westernpromise wrote: »

They'll end up like us: they'll still have a car industry making cars, but they'll be foreign owned and the cars will be foreign too.

Chinese are after technology. Cheaper to buy than research themselves. That's why their first foray was buying Volvo from Ford some years ago.

GreatApe

The big risk to the car makers is that software takes cars from 1 hour use per day towards maybe 5 hours per day usage via self drive taxi fleets. If that world comes to pass the number of new cars needed per year would fall to 1/3rd its current level. Lots of factories will need to be phased down and closed. Most the value added will be on the software side and the yanks ate likely to win that race.

The Chinese will have their own version by simply keeping the american tech companies out

In beginning to think nationalism may be needed in tech. Why have Facebook when you can have a UK clone that does exactly the same but keeps The jobs and money in the UK. That's pretty much what China does with its tech industry. No google no Facebook no uber just Chinese clones operating in China

economic

GreatApe wrote: »

The big risk to the car makers is that software takes cars from 1 hour use per day towards maybe 5 hours per day usage via self drive taxi fleets. If that world comes to pass the number of new cars needed per year would fall to 1/3rd its current level. Lots of factories will need to be phased down and closed. Most the value added will be on the software side and the yanks ate likely to win that race.

The Chinese will have their own version by simply keeping the american tech companies out

In beginning to think nationalism may be needed in tech. Why have Facebook when you can have a UK clone that does exactly the same but keeps The jobs and money in the UK. That's pretty much what China does with its tech industry. No google no Facebook no uber just Chinese clones operating in China

the chinese versions are not really nationalized though they are more like conglomerates, eg tencent.

once you nationalise something, typically the product becomes inferior to the equivalent private one.