Chinese Automaker Geely Buys Substantial Stake in Daimler

Chinese auto manufacturer Geely Holding has purchased a $9 billion stake in Germany's Daimler AG, making it the largest investor in the global car and truck maker, according to a report by Bloomberg.

Photo: Daimler AG

The $9 billion investment reportedly gives Geely just under a 10% stake in Daimler, surpassing a group from Kuwait that owned a 6.8% stake.

Geely is run by its chairman, noted Chinese billionaire entrepreneur Li Shifu. The firmi has been making several strategic investments in the global automotive world in recent years, including buying a $3.9 billion stake in Sweden's Volvo Trucks late last year. Geely previously acquired all of the Volvo Automobile Group.

Daimler characterized the transaction as a private investment by Li, according to a Reuters report. Why Geely decided to make the investment in Daimler remains unclear, but so far reports speculate that it could be aimed at the German company's experience in electric vehicle development.

Since purchasing the Volvo car operation from Ford in 2010, Geely has been praised for how it has revamped the Swedish automaker's lineup of cars. The brand's earnings increased in 2017 by 28%, marking the fourth year in a row of record sales.

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Pressure Systems International’s Musgrave Named to MEMA Board of Directors

Tim Musgrave, president and CEO of Pressure Systems International, has been named to the board of directors of the Motor & Equipment Manufacturers Association for a two-year term.

Musgrave is currently the chairman of the Heavy Duty Manufacturers Association, a division of MEMA, having served on the board since 2004 and as a member of the executive committee since 2013. He is part of the board's strategic planning group and has been an active participant in HDMA and MEMA's government affairs activities.

Musgrave has been president and CEO of Pressure Systems International for 25 years. Pressure Systems International manufactures, markets, and sells automatic tire inflation systems for various types of trailers.

He is also a former board member of the Heavy Duty Business Forum and a current active member of the group. HDBF is comprised of top executives of HDMA member companies who meet twice annually to discuss industry issues and challenges.

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Geotab Surpasses 1M Subscribers

Graphic courtesy of Geotab.

Geotab has surpassed 1 million subscribers, which makes it one of the fastest growing global telematics. After launching its solution in 2006, Geotab has seen an average of 116% annual subscriber growth over the last 10 years, according to the company.

"Early in 2017, we announced our company team goal to be the first fleet telematics company to achieve one million connected vehicles built on a single, open platform," said Neil Cawse, Geotab's CEO. "Together we have grown to support over 21,000 businesses, 300,000 users, and 1,000,000 vehicles around the world by focusing on sustainability, scalability, reliability, and security."

For 17 years, Geotab has focused on enabling business growth with access to data from vehicles that help shape business planning. Geotab has a partner ecosystem that includes some of the leading wireless carriers, fleet management and OEM brands, and over 100 third party partner solutions that complement the Geotab platform within the Geotab Marketplace.

Geotab's open platform creates an environment where businesses can benefit from the integration of Geotab data into any system regardless of business size or operational needs, according to the company. Geotab processes more than 2 billion data points a day.

"Geotab has always focused on software-as-a-service, IoT (Internet of Things), connected vehicle, and data analytics, long before these words became a part of mainstream conversations," said Cawse. "The one million vehicles equipped with Geotab technology for their fleet management needs, not only contribute to optimizing their respective businesses but are contributing to a smarter, more connected world that leverages data to improve city operations and sustainability and create safer communities for all."

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