Geely, Daimler announce plans for joint venture

Zhejiang Geely Holding Group and German carmaker Daimler AG are to set up a 50-50 joint venture in China, which will make the country the sole producer and exporter of electric smart-branded vehicles from 2022, the two carmakers said on Thursday.

The joint venture, which is expected to be finalized later this year, will "own, operate and further develop" the brand established in 1998 as a leader in premium electrified vehicles, said the two in a joint statement, without giving details about investment.

The two sides have agreed that Daimler will be responsible for the styling of the vehicles while Geely, which became Daimler's largest shareholder last year, will do the engineering work of the new generation of electric vehicles.