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Business deals

Geely and Daimler team up to build electric city-car brand

Chinese-German joint venture seeks to transform struggling Smart unit

Daimler's Smart brand enters a new phase under the joint venture.   © Reuters

BEIJING/FRANKFURT, Germany -- Chinese automaker Zhejiang Geely Holding Group and Daimler will form a joint venture with the ambition of turning the German company's' struggling Smart car unit into an electric car brand with global appeal. 

The partners said Thursday that the 50-50 joint venture will be set up by the end of the year, with plans to roll out a new generation of electric vehicles for global markets in 2022. The amount of investment and the location of its production base have not been disclosed.

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