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Daimler & Geely Plan Ride-Hailing Venture to Challenge Didi
Published on: 2018-10-29
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031Wanna be driven around in a Mercedes-Benz S-class?

The German brand's parent company, Daimler (DDAIF), certainly hopes so. It's teaming up with Chinese automaker Geely to launch an upscale ride-hailing service in China next year.

Like other established car manufacturers, the companies are trying to adapt to the upheaval technology is bringing to the industry's traditional business models. It's no longer enough to make and sell vehicles, especially as car sales are on the wane in key markets around the world, including China.

At the Paris auto show Daimler chief executive Dieter Zetsche said talks with Geely over possible projects had been very constructiveAt the Paris auto show, Daimler chief executive Dieter Zetsche said talks with Geely over possible projects had been 'very constructive'

Daimler and Geely will jointly develop the software for their venture, which will be based in the eastern city of Hangzhou where the Chinese automaker's headquarters are located. The fleet will start out with Mercedes-Benz S, E and V-class cars. Geely's high-end electric cars may be added later on.

The ride-hailing service is the first prominent business tie-up between the two companies since Geely Chairman Li Shufu took a 10% stake in Daimler earlier this year.

032Geely has a ride-hailing service in China, CaoCao, which uses the company's electric cars and mostly operates in smaller cities across the country. Daimler has made various moves into ride-hailing, including developing a joint venture with BMW, partnering with Uber on self-driving cars and investing in fast-growing startups.

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