Mercedes-Benz owner Daimler is nearing a deal to sell a 50 per cent stake in its small-car brand to China’s Geely, according to three people familiar with the plan.
The sale of the stake in its Smart division will be confirmed before the Shanghai Auto Show in April, said one of the people.
The move by Geely, which became Daimler’s largest shareholder last year, may be to help out the German group as it struggles to carry the lossmaking Smart brand, which sells only 130,000 cars a year — a fraction of the 2.25m cars Mercedes-Benz sells.
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