Geely not planning more automotive deals

Li Shufu, the founder and owner of China’s Geely, has no plans to buy further stakes in carmakers after investing almost 10 per cent in Germany’s Daimler, he told German newspaper, Bild am Sonntag.

Li Shufu

“Currently we have no plans for further purchases. We will concentrate for now on the development of existing holdings. There are many ideas, and there is much to do,” said Li.

Since 2010, when he took over Swedish car brand Volvo from Ford Motor Co in a $1.8 billion deal, Li has led a major acquirement push.

Li’s purchase of $9 billion stake in Daimler, unveiled last week, ignited fears in Germany of its industrial expertise falling into Chinese hands.

When asked by Bild am Sonntag about those concerns, Li said that his focus was on future technology.

“For me, it’s not about available technology but what is coming in the future. Or to put it another way, I would like a slice of a cake that is bigger than the cake of today,” he said.

When asked if Geely and Daimler could work together on electric cars, Li said he was keen to cooperate on various areas.

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