The German and Chinese automotive groups, Daimler and Geely Holding have announced the formation of a 50-50 globally focused joint venture.
The JV will own, operate and further develop smart, small, urban, premium-electrified vehicles. Under the joint venture agreement, a new generation of smart electric models will be assembled at a new purpose-built electric car factory in China with global sales due to begin in 2022.
The joint venture partners have agreed that the new generation of smart vehicles will be styled by the worldwide Mercedes-Benz Design network with engineering from Geely global engineering centers. Future production will be located in China.
As part of the vehicle-development program, the smart product portfolio is also planned to be extended into the fast-growing B-segment. The joint venture is expected to be finalized by the end of 2019. Financial terms of the smart joint venture have not been disclosed.
Source: Press Release