German carmaker Daimler on Wednesday said it will form a premium ride-hailing joint venture in China together with Geely Group.
"The JV will provide ride-hailing mobility services in several Chinese cities using premium vehicles including but not limited to Mercedes-Benz vehicles," Daimler in a statement describing the alliance.
The 50:50 joint venture will be headquartered in Hangzhou, Daimler said. Geely's chairman Li Shufu is Daimler's largest shareholder with a stake of just over 9 percent.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
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