Economy

Mercedes-Benz Is Still The World's Largest Luxury Automaker

Mercedes-Benz Is Still The World's Largest Luxury Automaker”

Ltd. joint venture will be based in the coastal city of Ningbo, located just south of Shanghai. As announced past year, Geely will handle the engineering part of the cars while Mercedes-Benz will be responsible for their design.

Chinese giant Geely and Mercedes-Benz have completed a 50:50 joint venture that will build Smart models in China, Reuters reports.

Geely and Mercedes-Benz said on Wednesday they would each invest 2.7 billion yuan ($388.8 million) in a China-based venture to build "premium and intelligent electrified" vehicles under the Smart brand.

As part of the new product plan, of which precise details haven't yet been disclosed, Smart will expand into the B-segment. Daimler said Mercedes-Benz sales rose 6.2% in China, where local customers ordered the top-end Maybach Mercedes-Benz S-Class limousine at a rate of more than 700 vehicles a month.

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The board of directors of the new Smart JV will be made up of six executives, with equal representation from both parties.

Speaking on the company's sales performance, Martin Schwenk, MD and CEO, Mercedes-Benz India said, "2020 is going to be another important year for Mercedes-Benz India and we continue to be optimistic with the country's mid to long-term prospect".

The new generation of Smart vehicles will be designed by Mercedes-Benz's global design network and developed by Geely. Sales operations will jointly commence in China and Germany. Global Audi sales rose 1.8% to 1.85 million cars. Geely Holding will fully support the smart brand with its full advantages in R&D, manufacturing, supply chain and other fields into the joint venture and support its development in China and globally. Smart past year became an electric-only brand.



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