Caixin Global – Latest China News & Headlines

Home >


CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

Kuaishou Looks to Give Small and Midsize Merchants a Livestreaming Leg Up
Kuaishou Looks to Give Small and Midsize Merchants a Livestreaming Leg Up
New Drug Rules Loom Over Online Pharmacies
Xiaomi’s Indian Unit Cleared for Operating Funds Until May 23
China’s Livestream Platforms Ordered to Stop Minors Tipping
Chinese Smartphone-Makers Must Spend Big to Challenge Apple, Oppo’s China Chief Says
CATL Poaches Huawei Veteran to Lead Next Generation Battery Development
Baidu, Cleared to Test Robotaxis in a Beijing Suburb
U.S. Court Denies Richard Liu’s Request to Limit Questioning in Rape Accuser’s Civil Suit
NetEase’s Cloud Village Sues Rival Tencent Music Again Citing Unfair Competition
Drone-Maker DJI Temporarily Stops Doing Business in Russia and Ukraine Gets Licensed to Run Robotaxis in South China
Huawei Targets Corporate Clients as Consumer Business Suffers
Tesla’s Shanghai Plant Reopens After Three-Week Covid Closure
China Bans Online Platforms From Livestreaming Unapproved Games
TSMC Reports Healthy Profit Growth Driven by Demand for High-End Computer Chips
Nio Joins Caravan of Automakers Halting Production in China Due to Covid
Chinese Internet Companies Add 79,100 Jobs in Nine Months Founder Richard Liu Becomes Latest Tech Billionaire to Give Up CEO Role
China Venture Deal Poses Uncertainties to Arm’s Licensing Income
Huawei Deepens Bet on Batteries With Investment in Lithium-Ion Alternative
Geely, Daimler to Jointly Build Smart Cars in China

By Zheng Lichun and Han Wei / Mar 29, 2019 02:34 AM / Business & Tech

Photo: VCG

Photo: VCG

German auto giant Daimler AG will build its next generation of Smart compact cars in China through a joint venture with Zhejiang Geely Holding Group, the companies said Thursday.

No financial details have been released.

The 50-50 venture, to be launched by the end of the year, is set to roll out fully electric-powered Smart cars for the global market by 2022 as part of Daimler’s plan to make the struggling Smart brand all-electric by 2020.

Smart has booked annual losses between 500 million euros ($563 million) and 700 million euros in recent years amid weakening sales, according to the Financial Times citing data from Evercore ISI.

Until production starts in China, Daimler will continue building current Smart models at its Hambach plant in France. In the future, it will make its new all-electric Mercedes EQC model there, according to Daimler.

Private carmaker Geely has deepened its ties with Daimler with a ride-hailing joint venture set up last year, after the Zhejiang-based company became the largest shareholder of Daimler in February 2018 with a 9.69% stake.

Related: Geely Owner Buys Nearly 10% Stake in Daimler

Share this article
Open WeChat and scan the QR code