- US stock futures bounce ahead of US Fed; crude oil gains on Russia-Ukraine crisis - policy plan likely at 12:30 am IST
- LIVE: Budget 2022 Expectations: What India Inc. wants from Modi government, FM Nirmala Sitharaman in Union Budget 2022-23
- Republic Day 2022 Parade: Highlights - Amazing extravaganza of India's military might, rich culture and unity - Pics, videos and
- Dalal Street Voice: Government might be able to meet fiscal deficit, thanks to LIC IPO: Ricky Kirpalani of First Water Capital F
- Unlocking financial freedom this Republic Day: 5 Things to know before embarking on financial journey
Mercedes-Benz to build smart-branded electric cars with Zhejiang Geely Holding Group in Chinese city Xian
Mercedes-Benz will build smart-branded electric cars with Zhejiang Geely Holding Group in the Chinese city of Xian from a base with an annual capacity of around 150,000 vehicles, a senior official from its German parent Daimler AG said on Saturday.
Daimler`s Executive Vice President in China Leng Yan made the comments to Reuters on the sidelines of China`s EV100 forum in Beijing, an annual event where senior auto industry executives meet to discuss policies and the market.
See Zee Business Live TV streaming below:
Geely and Mercedes-Benz said on Wednesday they would each invest 2.7 billion yuan ($388.8 million) in a China-based venture to build "premium and intelligent electrified" vehicles under the Smart brand.
Like Mercedes-Benz, Smart is a Daimler marque. The firms said at the time that the venture, which will be based in the eastern Chinese city of Ningbo, will have manufacturing capacity in China and sales operations in China and Germany.
Geely, which holds a 9.7% stake in Stuttgart-based Daimler, is building car plants in Xian, according to construction bidding documents on its website. Daimler, which partners with BAIC Group to make luxury Mercedes-Benz cars in Beijing, also builds trucks with BAIC`s unit Beiqi Foton Motor.
Smart delivered about 116,800 vehicles worldwide in 2019, Daimler said in a Jan. 9 statement.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.