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Geely and Daimler form another joint venture dubbed Weixing Technology

Auto News - Published on Tue, 21 May 2019

Image Source: Gasgoo
Gasgoo reported that a new joint venture between Geely Technology Group, a subsidiary of Zhejiang Geely Holding Group, and Daimler Mobility Services GmbH has been established on May 9. The joint venture, dubbed “Weixing Technology Co Ltd”, involved registered capital of RMB 1.7 billion with Mr Liu Jinliang, Chairman of Geely-backed ride-hailing platform Caocao Zhuanche, as its legal representative. Both two parent companies hold 50% of equity in the joint venture with respective subscribed capital amounting to RMB 850 million.

It is noteworthy that the business scope of the joint venture is to cover the car rental service, electricity supply, the installation, maintenance and operation of charging piles, ride-hailing service, cargo transport and passenger ferry.

In accordance with Geely’s official introduction, Geely Technology Group, previously known as Geely Group Limited, focuses on the strategic investment of clean energy, innovative technology and creative business models in the automobile ecosystem. The Group is aiming to become “the leading investor and operating entity of MaaS (mobility as a service) ecosystem in China”.

Geely Technology Group and Daimler Mobility Services claimed as early as last October that they would co-build a 50/50 joint venture headquartered in Hangzhou to provide premium ride-hailing services. Then on March 28 this year, Zhejiang Geely Holding Group and Daimler AG announced the formation of a 50/50 globally focused joint venture to operate and further develop Smart brand as a leader in premium-electrified vehicles.

Source :

Posted By : Rabi Wangkhem on Tue, 21 May 2019
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