Geely shares surge following Daimler investment

London taxi manufacturers, Geely saw an 8% surge in their stock after its chairman Li Shufu announced that he accrued a £6.4 billion stake in Daimler.

This means that Li Shufu is now Daimlers biggest shareholder with a 9.7% stake, giving him some serious muscle in his quest for Geely and Daimler to collaborate on technical development.

Geely have been expanding aggressively  and already own LEVC and Volvo, as well as having a major stake in Lotus, Proton and Terrafugia.