Daimler AG and Chinese auto maker Zhejiang Geely Holding Group have agreed to create a joint venture in China to transform Daimler’s struggling Smart compact city car into a global all-electric brand, the companies said Thursday.
The agreement marks the first major venture from the partnership born in the wake of Geely Chairman Li Shufu’s acquisition last year of nearly 10% of Daimler shares, which made Mr. Li the largest shareholder in the maker of Mercedes-Benz luxury vehicles. Previously, Daimler and Geely agreed to work...
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