daimler and china's geely join forces to build next-gen smart car - new smart board

Mercedes-
Mercedes-Benz maker Daimler and Chinese auto giant Geely announced on Thursday that they plan to develop the next generation of Chinese-made electric smart cars in a joint venture.
German and Chinese auto giants said in a statement that according to an agreement expected to be finalized by the end of the year, the new car will be sold globally in 2022. The 12-
The strong board of directors of the new company will consist of six executives from each company.
The new Smart car will be powered by Mercedes-
Mercedes-Benz design network provided by Geely.
Before the launch of the next generation of cars, Daimler will continue to produce the current "fortwo" smart car at its factory in Hambach, northeast France.
The smart car will then leave its historic home in France and be made in China, but Daimler insists it will not lose any jobs. -
"A New Beginning"
"Due to these decisions, none of our colleagues at Smart will lose their jobs," Daimler boss Dieter Zeche said in a statement . ".
"The opposite.
We need the passion and creativity of the smart team more than ever before.
"After all, these changes are not over for Smart --
But a new beginning.
Daimler said 0. 5 billion euros ($562 million)
Will invest in the Hambach plant, which will take on the "extra role" of producing small electric vehicles under the new "eq" product brand ".
"Through our new project, all work will continue and the project will include the creation of a new assembly line for the construction of Mercedes-Benz
"Hambach's Mercedes-Benz electric SUV," Serge Siebert, CEO of Smart France, told Republican on Wednesday.
Geely is owned by Chinese billionaire Li Shufu, a major shareholder of Daimler, who bought nearly 10% of the German manufacturer in February 2018.
Li's investment is reported to be worth about £ 7.
2 billion euros, at Stuttgart, Beijing's ambitions in Germany have raised political concerns.
Last year, the German economy minister warned Berlin to be "particularly vigilant" against new major investors ".
However, German Chancellor Angela Merkel welcomed the move, saying "we are open to trading partners and there is no violation at first glance ".
The rise of Chinese auto giants is rapid.
Geely was founded in 1986, initially a low
In the late 1990 s, before founder and boss Li, cost appliance manufacturers turned it into a Automotive Group, becoming one of the leading private manufacturers in China. -
Made in China"
2010, and Geely and its March-
The group paid $1, accounting for only a few percent of the Chinese market.
5 billion buy Volvo cars.
The bold move has led the Chinese company to acquire a high-end Swedish brand known for its safety and robustness.
In the second year, Geely invested $11 billion in Volvo to launch a new model.
Last week, Geely announced two global sales.
15 million vehicles (up 18.
3% year on year)
And announced a net profit of 2018.
66 billion euros (
18% growth in 2017)
Turnover is 14.
1 billion euros (up 15 percent).
Daimler's sales figures are similar to those of Mercedes-Benz.
In 2018 there were 4 million vehicles, including 130,000 Smart cars in 40 markets around the world.
The German group's net profit last year was 7.
6 billion euros, down 30% year-on-year in 2017, and sales of 167 billion euros, up 2% year-on-year.
Following the 2013 acquisition of the British taxi maker London taxi company, Geely invested heavily in 2017 to strengthen itself, especially in Europe.
It snapped up the iconic British sports car Lotus and the start of the United States-
Future flying car designer up Terrafugia, Geely has also become the largest shareholder of the Volvo Group, reportedly investing 3 pounds.
25 billion euros.
"I hope that the noise made by Geely and other manufacturers will be heard all over the world --in-
"Chinese cars," Li told Bloomberg on 2011.