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 […]

Mercedes-Benz to build smart brand cars with Geely

Geely automobile holding

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 […]

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 […]