Daimler Mobility Services and Chinese automotive manufacturer, Geely Group Company, Geely Holding Group’s new business entity, announced Wednesday, October 24, the creation of a high-end ride-hailing joint venture in China.
In a press release, the companies stated the 50-50 joint venture will be headquartered in Hangzhou, providing ride-hailing services in several Chinese cities using premium vehicles including, but not limited to, Mercedes-Benz vehicles. The initial fleet will be comprised of Mercedes-Benz S-Class, E-Class and V-Class, and Maybach vehicles, and could be supplemented by premium electric vehicles from the Geely Group.
The financial terms and investment plans of the joint venture have not been disclosed, noted the companies in the press release. The deal needs approval by merger control authorities.
“Daimler is ideally positioned to continue its transformation by expanding into a comprehensive mobility services company as we pave the way to autonomous driving. With Geely Group, we have found an excellent partner to expand our mobility services in China,” said Klaus Entenmann, CEO Daimler Financial Services AG, in the press release. “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.”
As part of the joint venture, Geely Group Company and Daimler Mobility Services will be equally represented on the board of the new ride-hailing service. Both
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