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Germany's Daimler, China's Geely Form JV For Making Smart Electric Cars

German and Chinese automotive groups, Daimler AG and Zhejiang Geely Holding Group, announced Thursday the formation of a 50-50 globally focused joint venture to own, operate and further develop smart, the pioneer of small urban vehicles, as a leader in premium-electrified vehicles.

Under the joint venture agreement, a new generation of smart electric models will be assembled at a new purpose-built electric car factory in China with global sales due to begin in 2022.

The joint venture firm smart, an all electric carmaker, will gain shared expertise in manufacturing, engineering and design from both groups.

The joint venture partners have agreed that the new generation of smart vehicles will be styled by the worldwide Mercedes-Benz Design network with engineering from Geely global engineering centers. Future production will be located in China.

The board of directors of the new smart joint venture will be made up of six executives with equal representation from both parties.

Separately, Mercedes-Benz will produce a compact electric vehicle at the Hambach plant, sustaining employment with further investment in the facility. Mercedes-Benz is investing 500 million euros on the Hambach plant and will use the expertise of its experienced and motivated smart workforce.

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