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Daimler AG’s (OTC:DDAIF) Mercedes-Benz and Geely Automobile Holdings (OTC:GELYF), a subsidiary of Zhejiang Geely Holding Group Co Ltd, are launching a China-based joint production for electric cars, according to Reuters.
What Happened
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Mercedes-Benz and Geely on Wednesday said they would form a 50-50 China-based venture, in which each partner would invest $388.77 million (2.7 billion yuan) to build “premium and intelligent electrified” vehicles.
The production will operate from the Chinese coastal city of Ningbo and has already received regulatory green light, said the two partner companies in a statement.
The cars will be manufactured in China and then sold in both China and Germany.
Geely will mainly handle engineering of the vehicles, while Mercedes-Benz will take care of the design and overall look of the cars, they said.
Why It Matters
The announcement comes just a month after Germany’s Bayerische Motoren Werke AG (OTC:BAMXF) and China’s Great Wall Motor Co Ltd (OTC:GWLLF) established a jmade a deal to produce electric Mini-branded cars in China.
Geely’s expansion has mainly been through M&A activities. The company purchased Ford Motor Company’s (NYSE:F) Volvo unit in 2010 and started a ride-hailing venture with Daimler in 2018.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.