Chinese Billionaire Sells €1.5 Billion Daimler Truck Stake

Chinese billionaire Li Shufu’s Zhejiang Geely Holding Group Co. has divested its 6.3% stake in truck maker Daimler Truck Holding AG, equivalent to roughly €1.5 billion ($1.6 billion) at current market prices.

The company, which is also the biggest shareholder in Swedish truckmaker Volvo AB, said it remains committed to its holding in Mercedes-Benz AG, according to a spokesperson. The owner of Volvo Car AB owned stakes in the two companies following a split of Daimler’s car- and truckmaking businesses into two separately listed units in 2021.