Geely, Daimler names joint venture Weixing Technology

Shanghai (Gasgoo)- The joint venture between Geely Technology Group, a subsidiary of Zhejiang Geely Holding Group, and Daimler Mobility Services GmbH has been established on May 9, according to the business research platform Qixinbao.    

The joint venture, dubbed “Weixing Technology Co.,Ltd”, involved registered capital of RMB1.7 billion with 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 RMB850 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.  

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. The Weixing Technology is what the joint venture is dubbed. 

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”.

Daimler Mobility Services GmbH is the financial holding company for Daimler mobility services – including car2go, moovel and Ride4Hire, said Daimler AG.