Geely top-shareholder in Daimler AG

China’s Zhejiang Geely Holding Group chairman and founder Li Shufu has become the top shareholder in Daimler AG.

The 7.3 billion-euro stake represents the biggest investment by a Chinese company in an overseas automaker, Bloomberg News reports.

“Competitors that are challenging the global car industry in the 21st century technologically are not part of the automotive industry today,” Shufu says. “In order to succeed and seize the technology highland, one has to have friends, partners, and alliances and adapt a new way of thinking in terms of sharing and united strength.”

Shufu amassed a 9.7% holding in Stuttgart-based Daimler through Geely Group, a company owned by the 54-year-old and managed by his carmaker. He wants to cooperate in the area of e-mobility, or the shift to battery-powered cars, Bloomberg says.

Daimler and other German carmakers have been investing heavily in the area to stay ahead of tightening regulations and maintain their position as the marketplace moves on from combustion engines.

Zhejiang Geely Holding Group already owns Volvo Cars AB and last year it took a stake in truck-maker Volvo AB. Geely also owns London Taxi and controls British sports-car maker Lotus Cars.