Shanghai (ZXZC)- Daimler Mobility Services GmbH and Geely Group Company, Zhejiang Geely Holding Group's new business subsidiary, announced on October 24 that they will build a joint venture (the JV) in China to provide premium ride-hailing services, according to Geely's official WeChat account.

The 50-50 JV will be headquartered in Hangzhou, Zhejiang Province. The JV will work on providing ride-hailing services in some Chinese cities using premium cars, including but not limited to Mercedes-Benz branded vehicles. At the initial stage, the fleet will include the Mercedes-Benz S-Class, E-Class and V-Class and Maybach vehicles and could deploy premium electric vehicles from the Geely Group later.

The financial terms and investment plans of the JV have not been exposed yet. The establishment and operation of the JV should be approved by the merger control authorities. 

Geely Group Company and Daimler Mobility Services will be equally represented on the board of the new JV. In the future, both parties will jointly develop the software infrastructure required for extending businesses in China. 

The JV will help Geely Group Company and Daimler AG expand their new mobility services in China.

Zhejiang Geely Holding Group has launched its mobility service platform dubbed Caocao Zhuanche that currently has deployed over 29,000 all-electric vehicles in 28 cities across China with over 360,000 trips completed per day. Besides, the Chinese ride-hailing service platform has by far attracted more than 170 million registered users with over 1 million regular active users on the app on a daily basis.