28.3.2019 Stuttgart, Germany; Hangzhou, China. The Daimler AG (Daimler) and the Zhejiang Geely Holding Group (Geely Holding) today announced the establishment of a global 50:50 Joint Venture. The aim is to develop smart, the pioneer of urban mobility, as the leading brand for electric mobility.
The Joint Venture agreement, will be the production of the next Generation of smart electric models in a new, purpose-built electric car factory in China. The global sales will begin in the year 2022.
Dieter Zetsche, Chairman of the Board of management of Daimler AG and head of Mercedes-Benz Cars, said: “For more than 2.2 million customers, smart is a pioneer of urban mobility. On the basis of this success story, we look forward, the brand, together with our strong Partner Geely to continue to advance. Together we want to design the next Generation of electric smart, develop, and in China for the world market building – with world-class production standards and excellent level of security of smart. We look forward in the future with all our partners our success in China and the world continue to expand. In the factory in Hambach, in the future, produced a compact electric vehicle from Mercedes-Benz, which the jobs at that location are backed up with further investments.“
Li Shufu, Chairman of Geely Holding, added: “We have the greatest respect for the smart. smart offers a unique attractiveness and a strong brand value. Geely Holding and Daimler look forward to this challenging and exciting new project that we vehicles are driving the introduction of electric the premium class, so as to provide our customers with outstanding mobility. As equal partners, we are committed to promote the smart brand in the world. We want to bring our experience and our global expertise in brand management, research and development, production, supplier management and other areas. The synergies from this cooperation will benefit both sides. At the same time, we will develop technologies for the smart, so in the area of connectivity, continue to stand in the industry in times of a broad change in the future at the top.“
The Supervisory Board of the new smart Joint Venture is occupied on a parity basis with six executives of both parties. Daimler AG is represented in the Board of management Hubertus Troska, member of the management Board of Daimler AG and in this function responsible for the activities in China, Britta Seeger, member of the management Board of Daimler AG, responsible for Mercedes-Benz Cars, sales, and Markus Schäfer, divisional Board member for manufacturing and procurement Mercedes-Benz Cars-elect of the Board of management member of Daimler AG’s research and development. Geely is represented on the Board by Li Shufu, Chairman of Geely Holding, Ms. Ms. conghui, President of Geely Holding, and President and CEO of Geely Auto Group, and Daniel Donghui Li, Executive Vice President and CFO of Geely Holding.
The Joint Venture partners have agreed that the new Generation of smart vehicles from the worldwide Mercedes-Benz Design network designed by the global Engineering center of Geely will be developed. The production site will be in China.
As part of the vehicle development program, the smart product portfolio and will be extended in the growth of strong B-Segment.
Up to the market introduction of the new models starting in 2022 Daimler vehicles, the current Generation of smart continues to be at the location in Hambach in France (smart EQ fortwo) and on the location of Novo Mesto in Slovenia (smart EQ forfour).
In Parallel, the factory in Hambach take on an additional new role in the production network of Mercedes-Benz Cars and in the future of electric vehicle of the compact class from Mercedes-Benz under the new product and technology – brand EQ produce want. Mercedes-Benz is investing 500 million euros in the plant in Hambach, and will use the Expertise of its experienced and motivated smart staff.
The Joint Venture is expected to be established by the end of the year 2019. The financial terms of the smart Joint Venture are not being disclosed.
This Joint Venture follows the plan announced last year, a separate agreement between Daimler Mobility Services and Geely Technology Group, the two companies had agreed on a cooperation for a new Premium Ride-Hailing service in China.
Signing a contract on strategic cooperation for smart between Daimler and Geely. From left to right: Ms. Ms. conghui, President of Geely Holding, and President and CEO of Geely Auto Group, Li Shufu, Chairman of Geely Holding, Dieter Zetsche, Chairman of the Board of management of Daimler AG and head of Mercedes-Benz Cars, Ola Källenius, member of the Board of management of Daimler AG responsible for group research & Mercedes-Benz Cars development
