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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
SHUNSUKE TABETA, Nikkei staff writer | China

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.

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