Chairman of China’s Geely Has 9.7% Stake in Daimler


BERLIN—The billionaire chairman of Chinese car maker Zhejiang Geely Holding Group Co. has accumulated a 9.7% stake, valued at about $9 billion, in Germany’s Daimler AG, the biggest overseas investment yet by China Inc. in the West’s automotive industry.

The move by Li Shufu, referred to by associates as Chairman Li, is his most ambitious so far as he tries to create a global Chinese auto maker that can compete with industry heavy hitters Volkswagen AG, Toyota Motor Corp. and General Motors Co. Geely bought the Volvo car brand…