Geely and Daimler have formally announced the formation of an equal-parts, 50:50 joint venture for the ownership, operation and development of the smart brand’s family of small urban vehicles. Prior to this, Financial Times reported that a 50% stake deal for the small-car brand was underway.
The new joint venture agreement will see a new generation of electric vehicles by smart assembled at a new purpose-built EV plant in China, with global sales of the EVs set to commence in 2022. This joint venture is expected to be finalised by the end of 2019, said Daimler, and its financial terms have yet to be disclosed.
Daimler CEO and chairman, Dieter Zetsche said: “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.”
Both parties in the JV have agreed for the new crop of smart models to be styled by the worldwide Mercedes-Benz Design network, while engineering will be handled by Geely global engineering centres, said Geely. On a separate note, Mercedes-Benz will produce an electric vehicle at the Hambach plant and will continue to invest in the facility, Zetsche added.
“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,” said Geely chairman Li Shufu.
The new joint venture will comprise six executives, and both parties will be equally represented. Daimler board representatives will include Hubertus Troska, boardmember for Greater China, Britta Seeger, board member for marketing and sales of Mercedes-Benz Cars, Markus Schäfer, divisional board member for production and supply chain at Mercedes-Benz Cars and board member for group research and Mercedes-Benz Cars development.
On the Geely side, board representatives will include Geely Holding chairman Li Shufu, Geely Holding president, Geely Auto Group president and CEO An Conghui, and Geely Holding executive vice president and chief financial officer Daniel Donghui Li.
In the meantime, Daimler will continue to produce the current smart range of models at existing facilities – the smart EQ fortwo in Hambach, France and the smart EQ forfour in Novo Mesto, Slovenia.
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New Proton A-segment car to fight the Perodua Axia!
That X70 grill design is inspired by Daimler Benz.
To P1 basher : hahahahahahahaha
Geely turned around Proton in 6 months. We need more Chinese companies to take over our GLCs. All running very lembap currently like Proton.
Once they take over, it will be like Proton, suddenly do well
Yup. German GLCs all lembap. Agreed with you.
China work hard. They don’t minum teh and makan kuih during work hours
well said. This is why we lost Proton.
Yeah unlike jepunis that makes fatal airbags, too much lepak and makan during work hours
No wonder Smart German pipu failed. They din work hard, just minum teh and makan kuih during work hours
Geely will come and rescue Smart from inefficient German management. Tahniah!
Geely, Mesidis, Smart, P1, VolvoCar, Volvo Trucks, Lotus, L&C, Polestar > all
Correction:
All, Geely, Mesidis, Smart, VolvoCar, Volvo Trucks, Lotus, L&C, Polestar > P1
Basher still lives in denial. Kasihan.
Dread it. Run from it. Destiny still arrives!
Glory to Geely Empire!
Fist bump bro!
So many naysayers r now trembling at the might. They gone way of the edge so far, they continue to vomit even more bollocks. Hahahaha!
25,000 Proton/Mercedes X70 premium SUV buyers, and counting fast…
You got to thank China brains for the success. Don’t feel so proud when your locals failed misrably
Then why u feel so proud when ur P2 fail since Day 1?
Why yes, we never feel proud for Perodua because the success was due to Japan brains.
The real Game Changing joint venture to develop an innovation. How are you Proton? Why rebadge Geely’s car instead of joint venture to develop a Game Changing innovation? Better support Perodua because P2 joint venture with Toyota to create Game Changing cars for us.
Bravo Geely! MY No.1 national carmaker .
So, Malaysia is now part of People’s Republic of China?
Merc tech in Proton. Waluweh..
Alredi started. MBUX=GKUI in X70, Persona & Iriz facelifts
Daimler dan Proton , berpisah tiada.
ok no more sharing PSA Citroen platform.
Habislah german kena jual ke china. Tulah tak dengar cakap atuk
rebadge iriz..settle
Pennsylvania
Bahamian Dollar
Team-oriented