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. […]

Geely Automobile doubles profit on next-gen car sales increase

Geely automobile holding

China’s Geely Automobile Holding, whose unlisted parent controls Volvo, on Wednesday stated net profit more than doubled in last year, the most significant increase in 8 years as sales of its next-generation of automobiles overtook expectations. The Hangzhou-based automaker stated in a stock market filing that net profit for 2016 increased 126 percent to 5.1 […]