Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Daimler to develop next-generation engines with China's Geely

Published 17/11/2020, 12:47
Updated 17/11/2020, 14:45
© Reuters. FILE PHOTO: The Daimler logo is seen before the Daimler annual shareholder meeting in Berlin,

© Reuters. FILE PHOTO: The Daimler logo is seen before the Daimler annual shareholder meeting in Berlin,

BERLIN (Reuters) - German carmaker Daimler (DE:DAIGn) will cooperate with China's Geely to build a next-generation combustion engine for use in hybrid vehicles, it said on Tuesday.

"The companies plan to develop a highly efficient modular engine," a spokesman for Daimler said, adding that it would be used in hybrid drivetrains and manufactured in Europe and China.

German factories will be retooled gradually to build electric drivetrains while the manufacture of combustion engines will continue in Germany, Daimler said.

The alliance was first reported by German business daily Handelsblatt 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 9.69% stake in Stuttgart-based Daimler, means that an existing partnership with Renault (PA:RENA) will expire.

Citing Daimler sources, Handelsblatt said the Daimler-Geely pact would save the German carmaker a "triple-digit million sum" - implying an amount above 100 million euros (89.64 million pounds) and less than 1 billion euros.

© Reuters. FILE PHOTO: The Daimler logo is seen before the Daimler annual shareholder meeting in Berlin,

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.