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Business deals

Geely buys into the electric future with Daimler investment

Chinese automaker enticed by the German company's battery technology

Chinese automaker Zhejiang Geely Holding Group aims to tap Daimler's advanced battery technology through its purchase of nearly a 10% stake in the German automaker. (Photo by Wataru Kodaka)

SHANGHAI/FRANKFURT -- By purchasing the largest stake in Daimler, China's Zhejiang Geely Holding Group likely hopes to benefit from the German automaker's technologies and solidify its position in the intensifying global race to develop the vehicles of the future.

Geely's nearly 10% stake in the owner of the Mercedes-Benz brand puts it in position to begin talks with Daimler for a technology alliance, especially in the area of batteries, a key technology for electric vehicles, which the Chinese government has been pushing.

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