Geely Holding to explore deeper cooperation with Daimler

Geely automobile holding

China’s Geely Holding will explore the possibility of deeper cooperation with German automaker Daimler AG, its Chairman Li Shufu stated on Friday. Geely built a 9.69% stake in Daimler in 2018. The two companies established a China-based venture for building electric Smart cars and a separate premium ride-hailing venture. They also invested in Volocopter, a […]

Geely Holding warns of coronavirus crisis after 35% 2019 profit drop

Geely automobile holding

Chinese automaker Geely Automobile Holdings on Monday stated 2020 may be one of the “most difficult years” in its history, as pressure emerging from the coronavirus crisis on production and sales is likely to continue in the near future. The automaker also said the decline in sales drove net profit down 35% in the last year when the country’s […]

Geely Holdings considering merger deal with Volvo Cars

Geely Holdings and Volvo Cars

Volvo Cars and its owner Geely Holding stated Monday they are thinking about combining their businesses to form a company that would speed up “financial and technological synergies between the two companies”. A combined company would maintain the unique identity of each of the brands Volvo, Geely, Lynk & Co and Polestar, Volvo’s electric brand. […]

Mercedes-Benz to build smart brand cars with Geely

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Mercedes-Benz is set to build smart-branded electric cars with Zhejiang Geely Holding Group in Xian, China from a base with a yearly capacity of around 150,000 vehicles, a senior official from its German parent Daimler AG stated on Saturday. Daimler’s Executive Vice President in China Leng Yan informed Reuters on the sidelines of China’s EV100 […]

Geely, Mercedes-Benz launch $780 million JV for electric cars

Geely automobile holding

Zhejiang Geely Holding Group and Mercedes-Benz on Wednesday stated they would each spend 2.7 billion yuan ($388.77 million) in a China-based venture to construct “premium and intelligent electrified” vehicles under the smart brand. The 50:50 venture has gained regulatory approval and will be based in the Chinese coastal city in Ningbo, the Chinese and German […]

Daimler and Geely are setting up ride-hailing joint venture in China

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Germany’s Daimler is forming a ride-hailing joint venture in China with Geely Group, in an indication the Chinese firm is making progress in its drive for closer relations with the German automaker. Geely Chairman Li Shufu took a 9.69 percent stake in Daimler previously this year, rekindling worries in Germany about its highly-prized expertise entering […]

Daimler declines Geely offer to buy stake but Geely is still positive

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Daimler has declined an offer from China’s Geely to take a stake of approximately 5 percent by means of a discounted share placement, as the German automaker has long hesitated to see existing shareholdings diluted, sources with understanding of the discussions stated. A stake of that size valued at $4.5 billion at current market value. […]