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Business

Daimler to cooperate with Geely to build engines

  • Most of the engines will be made in China, Handelsblatt said. The alliance with Geely, which owns a 10% stake in Stuttgart-based Daimler.
  • the Daimler-Geely pact would save the German carmaker a "triple-digit million sum" .
17 Nov 2020

BERLIN: German carmaker Daimler will cooperate with China's Geely to build its next generation of engines, business daily Handelsblatt reported on Tuesday, citing company and industry sources.

Most of the engines will be made in China, Handelsblatt said. The alliance with Geely, which owns a 10% stake in Stuttgart-based Daimler, means that an existing partnership with Renault will expire.

Citing Daimler sources, Handelsblatt said the Daimler-Geely pact would save the German carmaker a "triple-digit million sum" - a German figure of speech implying an amount above 100 million euros ($119 million) and less than a billion.

Handelsblatt said a Daimler spokesman had confirmed the planned cooperation with Geely. It was not immediately possible to independently verify the report.