Geely buys shares in German car giants Daimler

Chinese based Geely, owners of taxi manufacturers LEVC, has purchased shares in Daimler according to reports in Reuters.

The size of the investment remains unclear, although its likely to be under 3%, as the two car manufacturers look to build a partnership concentrating on electric vehicle technology.

Geely, who also have significant shares in Volvo and Lotus, are thought to have wanted a larger share of Daimler by pushing for a new share release at a discounted price. 

The German car giants are thought to have refused meaning Geely have returned to the negotiating table buying existing shares on offer. 

Neither Geely or Daimler have made a comment yet.