By Robert Wall 

The chairman of Chinese car maker Zhejiang Geely Holding Group Co. has accumulated a 9.7% stake in German car and truck giant Daimler AG -- worth about $9 billion at current market prices.

The investment wasn't made directly by the company -- which has invested in a series of foreign car companies in recent years as it simultaneously ramped up its domestic car business -- but instead was made on behalf of the company's chairman Li Shufu, according to a filing late Friday.

The stake will be held by a vehicle called Tenaclou3 Prospect Investment Ltd., according to the filing.

Geely bought the struggling Volvo car brand in 2010 and invested more than $3 billion in a stake in Volvo AB , the separate truck maker, late last year. Geely representatives weren't immediately available to comment.

Daimler said it welcomed the investment as a "vote of confidence" in its future.

Dailmer didn't say whether Mr. Li would get a board seat, but said it looked forward to discussing the investment with him.

Last May, Geely agreed to buy a 51% stake in British sports-car brand Lotus and a 49.9% stake in struggling Malaysian car maker Proton Holdings Bhd., which gave it a foothold in southeast Asia.

(More to Come)

Write to Robert Wall at robert.wall@wsj.com

(END) Dow Jones Newswires

February 23, 2018 13:38 ET (18:38 GMT)