Hyperdrive
Daimler to Work With Geely on Ride-Hailing Service in China
- Daimler, Chinese shareholder Geely weighing a 50:50 venture
- New China business would take on industry leader Didi Chuxing
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Chinese billionaire Li Shufu may have found the glue to start binding together the automobile assets he’s assembled across the globe -- by creating an entirely new business altogether.
Li’s Zhejiang Geely Holding Group Co. is in talks with Daimler AG -- in which Li took an almost 10 percent stake earlier this year -- to set up ride-hailing and car-sharing services in China, according to people familiar with the matter. Under discussion is a 50-50 venture that would take on market leader Didi Chuxing, said one of the people, who asked not to be identified because the deliberations are confidential.