German carmaker Daimler on Wednesday said it will form a premium ride-hailing joint venture in China together with Geely Group.
“The JV will provide ride-hailing mobility services in several Chinese cities using premium vehicles including but not limited to Mercedes-Benz vehicles,” Daimler in a statement describing the alliance.
The 50:50 joint venture will be headquartered in Hangzhou, Daimler said. Geely’s chairman Li Shufu is Daimler’s largest shareholder with a stake of just over 9 percent.
Source: Read Full Article