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Geely and Mercedes-Benz invest $780 million to make electric Smart cars

BEIJING/SHANGHAI — Zhejiang Geely and Mercedes-Benz on Wednesday said they would each invest $388.77 million (2.7 billion yuan) in a China-based venture to build "premium and intelligent electrified" vehicles under the Smart brand. The 50:50 venture has received regulatory approval and will be based in the Chinese coastal city of Ningbo, the Chinese and German automakers said in a statement. Like Mercedes-Benz, smart is a Daimler marque. The venture will have manufacturing capacity in China and sales operations in China and Germany, the automakers said. Geely will lead in engineering the cars while Mercedes-Benz will take charge of their overall look, they said. The partners will each have three executives on the board of directors, with Geely's Tong Xiangbei becoming the venture's global chief executive. Geely has expanded rapidly through mergers and acquisitions since buying Sweden's Volvo in 2010 from U.S. parent Ford. In 2018, it built a stake of almost 9.7% in Daimler and set up a ride-hailing venture in China with the Stuttgart-based carmaker. Its latest announcement comes just over a month after China's Great Wall and Germany's BMW formed a venture to build electric Mini-branded cars in China, the world's biggest market for electrified vehicles where demand for smaller EVs is on the rise. Related Video:

Automotive News Recap for the week of 9.2.16 | Autoblog Minute

A look back at the week in automotive news, including spy shots of the next-gen Mercedes-Benz GLE SUV, and a look at the 2017 Jeep Grand Cherokee Trailhawk that is soon to hit dealers in the United States. Jeep Mercedes-Benz Autoblog Minute Videos Original Video mercedes-benz gle trailhawk

Mercedes celebrates with World Championship edition SL63

Mercedes has plenty to be celebrating at the moment, having just won the Formula One World Championship in spectacular style – taking the constructors' title by a huge margin and the top two slots in the drivers' standings as well. It almost goes without saying that the German outfit would celebrate with a special edition, and that's just what we're looking at here. Presented at a special celebratory Stars & Cars event in Stuttgart in front of 50,000 jubilant fans, the Mercedes-Benz SL63 AMG World Championship 2014 Collector's Edition is based on Benz's twin-turbo V8-powered roadster but with some choice upgrades. Two versions will be offered: one in black with gold accents (displayed with the Silverstone circuit layout), the other in white with silver accents (and the Hockenheim map). One was designed by Lewis Hamilton, the other by Nico Rosberg. We'll let you sort out which one was done by which, but either way there'll only be 19 examples, each dedicated to a different grand prix circuit in the championship which Mercedes positively dominated – winning all but three, scoring eleven one-two finishes and landing on the podium at each and every one.