Daimler and Geely create a global joint venture to develop Smart

28 March 2019, 04:32:25

A month ago, we reported that Daimler and Geely are in talks for building electrified Smarts in China. Today, Daimler announced that it, indeed, has formed a 50:50 global joint venture with Geely to develop and operate the "Smart" brand globally as an all-electric one. The new company is based in China, so will be the production site. The first new all-electric Smart model is expected to be launched in 2022. The Smart product portfolio is also planned to be extended into the fast-growing B-segment. The joint venture is expected to be finalised by the end of 2019. Financial terms of the Smart joint venture have not been disclosed.

Dieter Zetsche, Chairman of the Board of Management of Daimler AG and Head of Mercedes-Benz Cars, said: "For more than 2.2 million customers, Smart represents a pioneer in urban mobility. Based on this success story, we look forward to further enhancing the brand with Geely Holding, a strong partner in the electric vehicle segment. We will jointly design and develop the next generation of Smart electric cars that combine high-quality production and known safety standards for sale both in China and globally. In the future, we are looking forward to working with all partners to sustain our success in China and worldwide. Separately, Mercedes-Benz will produce a compact electric vehicle at the Hambach plant, sustaining employment with further investment in the facility."

Li Shufu, Geely Holding Chairman, added: "We fully respect the value of Smart. This brand has a unique appeal and strong commercial value. Geely Holding and Daimler look forward to this challenging and exciting new project, through which we will further push the introduction of premium electric products to give a better mobility experience to our customers. As equal partners, we are dedicated to promoting the Smart brand globally; we will leverage our experience and global competencies in brand management, R&D, manufacturing, supply chain management and other areas. The synergies from this cooperation will lead to mutual benefits, at the same time we will further develop technologies for Smart including connectivity, to continue to lead in the industry as it undergoes a wider transformation."Source

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