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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:

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World Car Of The Year down to its final four

Judges for the World Car of the Year Award have narrowed down the finalists to just four vehicles. Out of a total of 42 entries, only the Mercedes-Benz A-Class, Porsche Boxster/Cayman, Scion FR-S/Subaru BRZ/Toyota GT-86 and Volkswagen Golf remain standing. For Volkswagen, this marks the second consecutive year the company has had an entry among the finalists, and the fourth time since 2009. In order to qualify, a vehicle must be on sale on two continents during the span of time between January 1, 2013 and May 30, 2013. A panel of 66 journalists from 23 countries then vote on the finalists.
Three vehicles have made the cut for the last round of voting on the 2013 World Performance Car as well, with the Cayman/Boxster and FR-S/BRZ/GT-86 running against the Ferrari F12 Berlinetta. Meanwhile, the Renault Zoe, Tesla Model S and Volvo V60 Plug-In Hybrid are duking it out for the World Green Car Award. Finally, the World Car Design of the Year Award is up for grabs between the Aston Martin Vanquish, Jaguar F-Type, and the Mazda6. Check out the full press release below. Overall winners will be presented at the 2013 New York Auto Show.