Daimler AG has confirmed that Chinese entrepreneur Li Shufu has acquired 9.69% (103,619,340 shares) of the company. Li Shufu is the chairman of Zhejiang Geely Holding Group Co. Ltd. and Volvo Cars. In a statement, Daimler said that it ‘is pleased to announce that with Li Shufu it could win another long-term orientated shareholder, which is convinced by Daimler's innovation strength, the strategy and the future potential'.

Daimler knows and appreciates Li Shufu as an especially knowledgeable Chinese entrepreneur with clear vision for the future, with whom one can constructive discuss the change in the industry, it added.

Daimler has got a broad-based portfolio and footprint in China and with BAIC a strong partner on site, the statement said further.