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11/17/2020, 2:00 PM (Source: TeleTrader)
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Daimler, Geely team up on engine manufacturing - report

Daimler AG is set to join forces with Chinese car maker Geely Automobile Holdings to manufacture gasoline engines for Mercedes-Benz brand, starting from 2024, Handelsblatt reported on Tuesday citing sources familiar with the matter.

The German company is reportedly expected to continue making engines for its electric and e-fuel vehicles, while Geely is set to take over gasoline engine production in Daimler's plants in China as a result of the Stuttgart-based firm's cost-saving project internally named Horus.

In 2018, Geely Founder and Chair Li Shufu purchased nearly 10% stake in the German vehicle-making giant.

Breaking the News / GA