Shares in Chinese carmaker Geely jumped on Wednesday following reports that it is in talks with Daimler to launch ride-hailing services in China.
Hong Kong-listed Geely Automobile is a subsidiary of Zhejiang Geely Group, which took a 10 per cent stake in German carmaker Daimler in February.
The Volvo owner is said to be in talks with Daimler to set up ride-hailing and car-sharing services under a 50-50 joint venture to take on Chinese ride-hailing giant Didi Chuxing, Bloomberg reported on Tuesday. Nikkei Asian Review reported the companies hope to agree a deal by the end of the month.
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