Pandemic coronavirus has had a significant impact on the entire automotive industry.
Currently, many automakers are looking for financial assistance to overcome the crisis, especially the Japanese automotive brands, because currently the country is in recession.
China, of course, is one of the countries that suffered from economic difficulties caused by the pandemic coronavirus.
In February car sales in China fell by 79 percent in February compared with sales in the previous year.
“It is, however, temporary, according to Cai Renhua, employee of the National Commission for development and reform Commission (NDRC),” according to Reuters.
While Chinese auto companies are ready to bounce back from sales slump – one of them is Geely. One of the largest Chinese companies are looking to further expand by increasing its influence on other major global automotive brands, particularly the German company Daimler.
Authoritative, Reuters reported that Geely Chairman Li Shufu has been wants closer cooperation with Daimler, which owns the premium brand Mercedes-Benz.
It should be noted that Geely already owns a 9.69 per cent of Daimler, which she bought in 2018. It has formed a Sino-German cooperation to create electric versions of Smart cars, as well as investment in the company Volocopter for the production of “flying taxi”.
In addition to its stake in Daimler, Geely also owns controlling stakes in Volvo, Polestar, Lotus, Proton and Lynk & Co. Reportedly ready to start selling their cars in Europe this year.