Daimler and China's Geely to Jointly Produce Smart Brand Electric Vehicles
March 28 2019 - 4:25AM
Dow Jones News
By Max Bernhard
Daimler AG (DAI.XE) said Friday that it agreed to develop and
operate its Smart brand as an all-electric auto maker in a new
joint venture with China's Zhejiang Geely Holding Group.
Under the fifty-fifty joint-venture deal, new Smart electric
models will be assembled at a new car factory in China, Daimler
said. Sales are expected to begin in 2022.
Daimler will continue to make the current generation of Smart
cars at its plants in Hambach, Germany, France and Slovenia. Later,
"Mercedes-Benz will produce a compact electric vehicle at the
Hambach plant, sustaining employment with further investment in the
facility," Daimler Chief Executive Dieter Zetsche added.
The company said it expects the joint venture to be finalized by
the end of the year. It didn't disclose the financial terms of the
deal.
Geely holds a nearly 10% stake in Daimler, via Tenaciou3
Prospect Investment Ltd.
Write to Max Bernhard at max.bernhard@dowjones.com;
@mxbernhard
(END) Dow Jones Newswires
March 28, 2019 04:10 ET (08:10 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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