Daimler gets closer to sell half its Smart unit to Geely

Daimler AG is close to the sale of a 50 percent stake in its small-car brand Smart to China’s Geely Automobile Holdings, the Financial Times stated on Tuesday, mentioning three people knowledgeable with the matter.

The sale of the stake in its Smart division will be verified before the Shanghai Auto Show in April, FT stated.

Both Daimler and Geely refused a request for comment from Reuters.

In 2018, Geely built up nearly 10 percent stake in Daimler in a $9 billion bet by its chairman and became the biggest shareholder in Daimler.