Geely will allow Proton to tap its green-car technology, as well as basic vehicle platform technologies.
Chinese carmaker Geely said on Wednesday its profits more than doubled in 2017, driven by strong domestic sales of popular SUVs.
Li has led a major acquisition push globally since 2010, when he took over Swedish car brand Volvo from Ford Motor Co (F.N) in a $1.8 billion deal.
Geely’s stock surged 8 percent, buoyed by hopes of access to Daimler’s technology.
China’s Zhejiang Geely Holding does not plan to buy more Daimler shares “for the time being,” it said on Saturday.