China's Geely becomes largest single shareholder of Daimler

Chinese auto company Geely has become the largest single shareholder of German automotive manufacturer Daimler, the company said on Friday.

Zhejiang Geely Holding Group, headquartered in southeastern Chinese city of Hangzhou, has bought around 9.7 percent of Daimler's stake.

In addition to being known as owner of Swedish automaker Volvo Cars, at the end of last year, Geely also became known as the largest shareholder of the commercial vehicle manufacturer Volvo Trucks.

As a constituent of the Frankfurt-based blue-chip index DAX, the Stuttgart-based Daimler's market value reached currently over 75 billion euros (US$92 billion), as the information of arriving investment from China pushed up its share price.