By Martin Mou

Zhejiang Geely Holding Group Co. and Mercedes-Benz have established a 50-50 joint venture in China to produce smart-branded electric vehicles.

Geely and Mercedes-Benz will each contribute 2.7 billion yuan ($388.8 million) to the venture, Geely said in a statement Wednesday.

The venture is expected to roll out its first batch of electric vehicles in 2022, Geely said.

Write to Martin Mou at martin.mou@wsj.com

(END) Dow Jones Newswires

January 08, 2020 05:11 ET (10:11 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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