The size of the investment leapfrogs a 6.8 per cent stake in the Stuttgart-based group held by Kuwait and Renault-Nissan’s 3.1 per cent holding. “Daimler is pleased to announced that with Li Shufu it could win another long-term orientated shareholder,” a spokesman for the Stuttgart-based group said. Li had been “convinced by Daimler’s innovation strength, strategy and future potential”, he added. German business media have for weeks reported Li and Geely’s interest in Daimler. But Friday is the first time Li’s stake has crossed the threshold of 3 per cent of stock, requiring a public notification. Two sources familiar with the thinking of Li Shufu told Reuters that his move to accumulate the stake, which has a market value of US$9 billion, was motivated by the “dramatic transformation” under way in the automotive industry.