Geely, Daimler in ride hailing JV

Chinese automaker Zhejiang Geely Holding Group announced on Wednesday it will set up a joint venture with German manufacturer Daimler AG to offer ride hailing services in the world's largest auto market.

Daimler Mobility Services and Geely's new business entity Geely Group Co will establish a 50-50 joint venture headquartered in Hangzhou, Zhejiang province, according to a statement posted on Geely's official website. The financial terms and investment plans of the venture have not been disclosed.

The new venture will offer ride-hailing services in several cities in China, and will use the Mercedes-Benz S-Class, E-Class and V-Class among other vehicles.