Geely in carmaking joint venture

China's only privately-owned carmaker, Zhejiang Geely Automobiles, has formed a joint venture with Hong Kong-listed Guorun Holdings, South China Morning Post said. Zhejiang Geely Guorun Automobile will produce two models, Merrie Car and Geely Ulion, in Ningbo. Guorun will inject Yn51m in cash and take a 46.8 per cent stake in the venture. Geely will inject the remainder of the Yn108m capital.