Auto firms Geely and Daimler are launching a premium ride-hailing service as the first joint project since the Chinese group bought a large stake in the German manufacturer earlier this year, the Financial Times reports.
Daimler will supply the service with its Mercedes brand cars, with Geely’s electric models to be included later on.
The two companies already have ample experience in the mobility services industry. Geely operates Chinese ride-hailing platform CaoCao which has over 17 million registered users, while Daimler owns or co-owns several brands servicing 26 million customers, according to the Times.
“With Geely Group, we have found an excellent partner to expand our moblity services in China,” said Daimler executive Klaus Entenmann. “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 markets.”
Geely surprised the auto world when it unexpectedly made a $9 billion bid for a 10% stake in Daimler back in spring. German authorities have since stepped up scrutiny of foreign investment in sensitive industries.
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