Daimler, Geely to set up JV in China

HANGZHOU, March 28 (Xinhua) -- German automaker Daimler AG and CHINA's Zhejiang Geely Holding Group announced Thursday to set up a joint venture (JV), jointly operating and promoting the transformation of small-car brand Smart globally.

The JV will be headquartered in CHINA, and the two companies will each hold a 50 percent stake.