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China's Zhejiang Geely Holding Group and Germany's Mercedes-Benz announced on Wednesday the establishment of a China-based joint venture (JV) under the Smart brand.
The two carmakers jointly invested 5.4 billion yuan (about 780 million U.S. dollars) in the JV, with each side contributing 2.7 billion yuan.
A global headquarters for the JV will be based in Ningbo, east China's Zhejiang Province, and distribution centers will be established in both China and Germany.
The two will work in synergy in areas such as research and development, manufacturing and supply chain, and are committed to building the Smart brand into a world-leading high-end electric smart car brand, according to a statement.
The new model of the purely electric Smart brand is expected to be launched and sold worldwide in 2022, said the statement.
"The joint venture will bring the next generation of zero-emission smart electric cars to the Chinese and global markets. We look forward to continue our collaboration to bring desirable products and services to customers around the world," said Ola Kallenius, chairman of the Board of Management of Daimler AG and Mercedes-Benz AG.
China has become one of the fastest-growing new energy vehicle markets supported by government policies. In 2018, the country's NEV sales soared by 61.74 percent to 1.26 million units, according to the China Association of Automobile Manufacturers.
Global carmakers are seizing opportunities in the growing Chinese market.
U.S. electric carmaker Tesla
, for example, on Tuesday delivered the China-made Model 3 sedans at its Shanghai Gigafactory.
