German carmaker Daimler announced Wednesday that it will start a 50-50 joint venture with Geely Group, a Chinese automotive manufacturing company, to provide premium ride-hailing services in several Chinese cities.
On the afternoon of February 24, German auto giant Daimler released an investor relation announcement on its official website welcoming new long-term shareholders. The announcement disclosed that China’s Geely Holding Group Chairman Li Shufu has acquired 103.6 million shares of Daimler stock, accounting for 9.69 percent of equity.
Li Shufu said Geely, Volvo and other car companies are jointly developing an open electric model under the code PMA. “We’ve learned from Google’s Android, and PMA’s pure electric module is open,” Li said.