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.
