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Business deals

Geely to make electric Smart with Daimler in $777m venture

Chinese-German partnership aims to roll out first EV model in 2022

Daimler and Geely Holding formed a joint venture that will take control of the former's Smart brand of premium intelligent vehicles.   © Reuters

CHONGQING, China -- China's top private-sector automaker, Zhejiang Geely Holding Group, has formed a 5.4 billion yuan ($777 million) joint venture with Germany's Daimler that will roll out its first fully electric vehicle in 2022.

The joint venture, Smart Automobile, is tasked with turning around Daimler's struggling Smart brand of compact cars.

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