(Yicai Global) May 14 -- A unit of Chinese carmaker Geely Technology Group and a subsidiary of Germany's Daimler-Benz will join hands to produce smart city-cars for the global market by 2022. 

Geely's mobility arm and Daimler Mobility Services will set up a 50:50 joint venture named Weixing Technology with a registered capital of CNY1.7 billion (USD247.4 million) by the end of this year, Chinese business information site Qixinbao reported. 

Editor: Emmi Laine