By Max Bernhard

Daimler AG (DAI.XE) said Friday that it agreed to develop and operate its Smart brand as an all-electric auto maker in a new joint venture with China's Zhejiang Geely Holding Group.

Under the fifty-fifty joint-venture deal, new Smart electric models will be assembled at a new car factory in China, Daimler said. Sales are expected to begin in 2022.

Daimler will continue to make the current generation of Smart cars at its plants in Hambach, Germany, France and Slovenia. Later, "Mercedes-Benz will produce a compact electric vehicle at the Hambach plant, sustaining employment with further investment in the facility," Daimler Chief Executive Dieter Zetsche added.

The company said it expects the joint venture to be finalized by the end of the year. It didn't disclose the financial terms of the deal.

Geely holds a nearly 10% stake in Daimler, via Tenaciou3 Prospect Investment Ltd.

Write to Max Bernhard at max.bernhard@dowjones.com; @mxbernhard

(END) Dow Jones Newswires

March 28, 2019 04:10 ET (08:10 GMT)

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