Daimler considers China deal

Source: Xinhua | 2018-10-10

German vehicle manufacturer Daimler AG is in talks with China’s Geely Holding Group Co to set up a joint venture to offer ride-hailing and car-sharing services in China, Bloomberg reported, citing sources.

The 50-50 venture is yet to be finalized, and Daimler is planning to take on industry leader Didi Chuxing on its home turf, Bloomberg reported citing people familiar with the matter.

“We have a constructive dialogue with our Chinese counterparts. I believe there is potential for both and there are more opportunities than risks. The situation is promising,” Daimler Chief Executive Dieter Zetsche said at the Paris Motor Show last week.

Geely holds a stake in Daimler and has sought an alliance in the areas of electric and autonomous vehicle technologies.