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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:

Mercedes-Benz GLE gets official before NY Show

Hot off the debut of the GLE-Class Coupe just a few months ago at the Detroit Auto Show, Mercedes-Benz is now all set to unveil that SUV's more utilitarian sibling. The new GLE-Class will offers buyers a model that's a little more traditional looking, while still bringing heaps of available power and luxury to the table. The new GLE-Class replaces the ML-Class in Mercedes' newly renamed lineup. At the front, there's a new nose with a clear family resemblance to the Coupe. It sports big openings all over, and standard models wear an attractive two-bar grille or a just a single crosspiece for AMG trims. Once your eye moves past the A-pillar, the design becomes more of an evolution of the current ML. The prominent C-pillar and wraparound rear glass are still present, while the creases running down the profile appear a little sharper and more pronounced. As you might expect, the interior for the GLE-Class is practically identical to its Coupe counterpart. That means drivers get a thick, multi-function steering wheel to hang on to, and there's a large infotainment display poking up above the dashboard in the center. A center-console-mounted dial controller is found below. When it comes time for buyers to pick their GLE-Class, they're going to have a long list of powertrains to choose from. Lowest in terms of horsepower is the GLE300d 4MATIC with a 2.1-liter, four-cylinder diesel making 201 hp and 369 pound-feet of torque. Next, there is the gasoline-fueled GLE350 with a 3.5-liter V6 making 302 hp and 273 lb-ft, and it's also available with 4Matic. The GLE400 4Matic uses a twin-turbo 3.0-liter V6 to make 329 hp and 354 lb-ft of twist, and the GLE550e 4Matic adds a plug-in hybrid to that mill to bring total output to 436 hp and 479 lb-ft. Finally, for those that really want some power underfoot, the Mercedes-AMG GLE63 and GLE63 S boast twin-turbo 5.5-liter V8s putting down 550 hp and 577 hp, respectively. The standard models all use versions of the 7G-tronic gearbox, and AMG models get the Speedshift MCT seven-speed. We look forward to getting a good look at the GLE-Class at its grand unveiling at the New York Auto Show on April 1. The posh SUVs start arriving at dealers a few months later in August. Buyers wanting the GLE550e 4Matic have to wait just a little longer until it comes along in mid-September. View 19 Photos View 11 Photos World Premiere for the Mercedes-Benz GLE and Mercedes-AMG GLE63 Efficiency meets performance Stuttgart.

Hamilton wins at Monza, takes Formula One lead from Vettel

MONZA, Italy (Reuters) - Lewis Hamilton won the Italian Grand Prix for Mercedes on Sunday with an utterly dominant drive that sent the Briton clear at the top of the Formula One world championship for the first time in a year. The triple champion, who started the last race of the European season from a record 69th career pole position, led Finnish team mate Valtteri Bottas to a runaway one-two finish at Ferrari's home track. "I love it here in Italy and I love the passion of the fans," Hamilton declared on the podium jutting out over a sea of red-shirted Ferrari fans, with plenty of boos coming his way amid the cheers. "We did a great job, the team did an exceptional job this weekend," he added. "Mercedes power is definitely better than Ferrari power." Ferrari's Sebastian Vettel, who had led the standings since he won the Australian season-opener in March, finished third in the final race of the European season and 36.3 seconds behind the winner. Bottas was 4.4 adrift of Hamilton. "It was a difficult day, a difficult start," said Vettel. "My race was fairly isolated, we tried to keep as close as possible but we simply didn't have the pace... You could say it's a bad day but I know the team is on the right way... so I am in a very positive mood despite the numbers." Hamilton is now three points clear of the German, with seven races remaining. Mercedes are 62 points clear of Ferrari in the constructors' standings. The first driver to win two races in a row this season, with Monza following on from Belgium a week ago, Hamilton now leads Vettel 6-4 on victories in 2017. He has 238 points to Vettel's 235. The last time Hamilton led the standings on his own was at Monza a year ago, with now-retired team mate Nico Rosberg emerging as the eventual champion. FEW THRILLS Hamilton and four-times champion Vettel were level on points this year after China in April, with one win and one second place each. If Sunday's race was a dull affair, there was at least plenty of sunshine in marked contrast to the steady rain that drenched fans and delayed qualifying for hours on Saturday. Hamilton pulled away cleanly from his historic pole, and fourth in a row at Monza, and was never challenged as he drove to the chequered flag with the minimum of fuss. It was his third Italian Grand Prix win in four years and 59th career victory – only Michael Schumacher, whose pole record he beat, can boast more – and few have been more straightforward.