Chinese automotive manufacturer, Zhejiang Geely Holding Group Co. Ltd. acquired a stake worth €7.3 billion in Daimler AG, making it the biggest investor in the parent of Mercedes-Benz, Bloomberg reported.

The investment in the German automaker enhances Geely's expansion in the premium automotive market in Europe. Geely's founder, Li Shufu became the biggest shareholder of AB Volvo in December 2017 after a $3.9 billion deal with activist investor Cevian Capital AB.

Daimler became the top luxury carmaker by including more SUVs in its product mix and introduced sportier designs to the lineup, according to Bloomberg.

No Geely representatives in Asia could be reached for a comment outside of business hours, the report added. Daimler confirmed the move in regulatory filing, Bloomberg said.