Daimler Wins Approvals for China Smart Venture With Geely
- Automakers officially establish entity making electric Smarts
- The joint venture has about $780 million in registered capital
Geely Borui GE hybrid sedan
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
Daimler AG and Chinese partner Zhejiang Geely Holding Group officially established their joint venture that will make electric Smart cars after winning the required regulatory approvals.
The entity established by the German luxury-car maker and billionaire Li Shufu‘s Geely has received all permits needed to start the business, the companies said in a statement Wednesday. The venture, based in the eastern Chinese city of Ningbo, has registered capital of 5.4 billion yuan ($778 million) and will be headed by Chief Executive Officer Tong Xiangbei.