Geely buys 50 per cent of Smart

Daimler and Geely have agreed to form a joint venture company to run Smart, with each firm owning 50 per cent and having three seats on the board of directors. As was planned before today's announcement, Smart will become an all-electric brand from 2020 onwards. It will also continue to focus on inner city-friendly vehicles, although the "product portfolio is also planned to be extended into the fast-growing B-segment".