Mercedes-Benz CEO Ola Källenius has pledged to protect the company's US business amid concerns over its Chinese shareholders that could theoretically lead to a sales ban. Legislation passed last week by the US Senate Commerce Committee creates a risk that Mercedes vehicles could be prohibited from sale because its top two shareholders are Chinese. Speaking during the second-quarter earnings release, Källenius said the company will ensure its US presence and operations are safeguarded, even if adjustments are needed to comply with regulations, adding that he is not underestimating the geopolitical environment or US-China competition. Around 20 percent of the company's listed shares are held by Beijing Automotive Group and Li Shufu, the founder of Geely.
Mercedes-Benz Group AGUS legislation creates risk of sales ban due to Chinese shareholders; CEO vows to protect US operations.
Geely Automobile Holdings LtdGeely founder Li Shufu is a top shareholder, creating risk of US sales ban for Mercedes, which could indirectly affect Geely's investment value.