3/28/2019

Daimler, Geely Confirm Venture to Relaunch Smart Brand

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Daimler and Zhejiang Geely Holding Group confirm they have formed a 50:50 joint venture to develop and operate Daimler’s Smart brand globally as an all-electric carmaker.

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Daimler and Zhejiang Geely Holding Group confirm they have formed a 50:50 joint venture to develop and operate Daimler’s Smart brand globally as an all-electric carmaker.

The unnamed company will produce next-generation Smart cars at a new EV factory in China, with sales to begin worldwide in 2022. The partners expect to finalize the partnership, whose financial terms were not disclosed, by the end of 2019.

Daimler will continue to produce the current Smart model at its Hambach factory in France, but all production of the new models will occur in China. At that point, the French plant will add a small EV to be marketed under Mercedes-Benz’s new EQ sub-brand.

The new company will directed by a six-member board consisting of three high-level executives, including Geely Chairman Li Shufu, from each from the two partners.