Chinese auto manufacturer Geely Holding has purchased a $9 billion stake in Germany's Daimler AG, making it the largest investor in the global car and truck maker, according to a report by Bloomberg.

The $9 billion investment reportedly gives Geely just under a 10% stake in Daimler, surpassing a group from Kuwait that owned a 6.8% stake.

Geely is run by its chairman, noted Chinese billionaire entrepreneur Li Shifu. The firm has been making several strategic investments in the global automotive world in recent years, including buying a $3.9 billion stake in Sweden's Volvo Trucks late last year.  Geely previously acquired all of the Volvo Automobile Group.

Daimler characterized the transaction as a private investment by Li, according to a Reuters report. Why Geely decided to make the investment in Daimler remains unclear, but so far reports speculate that it could be aimed at the German company’s experience in electric vehicle development.

Since purchasing the Volvo car operation from Ford in 2010, Geely has been praised for how it has revamped the Swedish automaker’s lineup of cars. The brand's earnings increased in 2017 by 28%, marking the fourth year in a row of record sales.