Daimler Joins With Geely to Recast Smart as China-Based EV Brand
- German carmaker forms new 50-50 venture with top shareholder
- The two will jointly develop models for bigger car segment
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Daimler AG is deepening ties with Zhejiang Geely Holding Group, its largest shareholder, by forming a joint venture to transform its small-car division Smart into an all-electric brand based in China.
The German luxury-car maker and Geely, owned by billionaire Li Shufu, will build a new China factory to assemble electric cars and start worldwide sales in 2022, according to a joint statement. Mercedes-Benz designers will style future Smart vehicles and Geely will engineer them.