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October 25, 2018

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Home » Business » Auto

Geely joins Daimler in ride-hailing joint venture

Chinese automaker Geely Group Co announced yesterday that it will form a new ride-hailing joint venture with Daimler Mobility Services in China, to further strengthen its position in the mobility services market.

The 50-50 new joint venture will be headquartered in Hangzhou. It will provide ride-hailing services in several cities from next year, using premium vehicles including but not limited to Mercedes-Benz cars, according to a joint statement by the companies.

The fleet initially will include Mercedes-Benz S-Class, E-Class and V-Class and Maybach vehicles and could be supplemented by premium electric vehicles from Geely.

The financial terms and the investment plans of the joint venture have not been disclosed. Geely and Daimler will be equally represented on the board of the new service, for which the two companies will jointly develop software infrastructure.

“With Geely Group, we have found an excellent partner to expand our mobility services in China,” said Klaus Entenmann, chief executive officer of Daimler Financial Services AG.

“The joint venture will play a significant role as we continue to enlarge our portfolio and global presence and solidify our strong position in the mobility market.”

Geely President An Conghui said: “The development of such services, in which both companies already have a presence, forms part of our transformation from a vehicle manufacturer into a global automotive technology group.”

Geely’s CaoCao, a Chinese domestic ride-hailing service, has more than 17 million users.


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