2024 Author: Eric Donovan | [email protected]. Last modified: 2023-12-16 21:13
Daimler and major shareholder Geely are about to start working together. In China, both companies want to offer a luxury ride-hailing service.
This is intended to compete with the top dog Didi Chuxing in several cities. Both companies plan to found a joint venture.
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Half of it should belong to both groups, as the companies announced on Wednesday. Financial details were not given. Geely owner Li Shufu surprisingly bought almost 10 percent of the Swabians in February. Since then, there has been speculation in the industry what Li intends to do with the billion-dollar stake. These include possible collaborations between the Swedish Geely subsidiary Volvo Cars and the Stuttgart-based company, but also a collaboration with the separate truck manufacturer Volvo, in which Li is also involved.
Premium vehicles in action
“In the Geely Group, we have found an excellent partner to expand our mobility services in China. The joint venture will play an important role as we expand our portfolio and our global presence and thus consolidate our strong position in the mobility market,”said Klaus Entenmann, Chairman of Daimler Financial Services. "The development of such services, in which both companies are already present, is part of our transition from a vehicle manufacturer to a global automotive and technology group," added An Conghui, President of the Geely Holding Group.
The Mercedes models S-Class, E-Class and the V-Class transporter will initially be used for the joint travel agent. Luxury cars from the Maybach brand should also be included. However, the driving service is not limited to Daimler vehicles; Geely electric cars could also be added later. The Chinese authorities have yet to approve the project. This should start in 2019.
With this joint venture, Daimler intends to expand its global presence in mobility services. Daimler currently has 26 million customers worldwide with Car2go, Moovel and the taxi app myTaxi. Joint venture partner Geely has already launched a ride-hailing service with CaoCao in the Chinese market and has 17 million users. (AG / dpa)
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