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MarketScreener Homepage  >  Equities  >  Xetra  >  Daimler AG    DAI   DE0007100000

DAIMLER AG

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Daimler : Mobility AG and Geely Technology Group inaugurate 'StarRides' Premium Ride-Hailing Service in Hangzhou

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12/03/2019 | 10:40am EST

Highlights:

* Premium ride-hailing joint venture launch operations in Chinese metropolis Hangzhou

* Premium ride-hailing service to be named StarRides

* Service to be launched with fleet of 100 vehicles including Mercedes-Benz S-Class, E-Class and V-Class vehicles

* Operations to be extended to other major Chinese cities in 2020

Stuttgart / Hangzhou - Daimler Mobility AG and Geely Technology Group, a subsidiary of Zhejiang Geely Holding Group (Geely Holding), today unveiled the premium ride-hailing provider StarRides in China with inaugural services to begin in Hangzhou in December 2019. The ride-hailing joint venture will begin operating in Hangzhou, a city of more than 10 million people that is home to leading Chinese companies including Geely Holding, and some of the country's leading technology businesses.

The 50-50 joint venture between Daimler Mobility AG and Geely Technology Group is based in Hangzhou, where services will be launched with a fleet of 100 vehicles including Mercedes-Benz S-Class, E-Class and V-Class vehicles. StarRides will expand to other major cities in China starting in 2020.

As previously announced, Daimler Mobility AG and Geely Technology Group will be equally represented on the board of management of the new ride-hailing service, for which the two companies have developed the software infrastructure required to support the business in China. A joint board of directors includes Liu Jin Liang, CEO of Geely Technology Group, and Joerg Lamparter, member of the Board of Management of Daimler Mobility AG. Tom Gu joined StarRides on September 1, 2019 as Chief Executive Officer, leading a staff of 80 employees.

Joerg Lamparter, board member Daimler Mobility AG for Digital & Mobility Solutions, said: 'Premium ride-hailing is an essential element in our mobility ecosystem ranging from multi-year financing contracts to flexible leasing, car rental and subscription models to on-demand mobility. With Geely Technology Group, we have found an excellent partner to expand our mobility ecosystem in China. StarRides will play a significant role in addressing customer needs in the premium ride-hailing segment and solidifying our strong position in the mobility market.'

Liu Jin Liang, CEO of Geely Technology Group, said: 'We are proud to launch China's first premium ride-hailing services in Hangzhou, the city where Geely Holding is based - and a city that is home to companies pioneering technology innovation in this country. StarRides is the latest symbol of our cooperation with Daimler, which we expect to create win-win opportunities for both companies. It also reflects Geely Holding's continued transformation as a mobility and transport technology company.'

StarRides is able to secure a safe, convenient and premium one-stop mobility experience for customers. The brand slogan is 'The Best in Motion'. Customers can download the StarRides App in the Apple App Store and Google Play Store. The 'mobility chauffeurs' of StarRides are trained by top chauffeur trainers, consistent with global standards, and have compliant driving license for online ride-hailing services. They are uniformly and neatly dressed and well-experienced, some of whom are premium service personnel capable of speaking Chinese and English when serving international users.

Inaugural services by StarRides follows a year of development and planning by Daimler Mobility and Geely Technology Group, which unveiled the project in October 2018. At the same time Daimler AG and Geely Holding are establishing a 50-50 globally focused joint venture to own, operate and further develop smart, the pioneer of small urban vehicles, as a leader in premium-electrified vehicles.

(C) 2019 Electronic News Publishing, source ENP Newswire

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Financials (EUR)
Sales 2019 173 B
EBIT 2019 6 075 M
Net income 2019 3 624 M
Finance 2019 11 660 M
Yield 2019 4,01%
P/E ratio 2019 13,4x
P/E ratio 2020 8,17x
EV / Sales2019 0,21x
EV / Sales2020 0,21x
Capitalization 47 533 M
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