Geely and Mercedes-Benz said they might invest 2.7 billion yuan ($388.8 million) each in a China-based project to construct "premium and smart electrified" vehicles under the brand Smart.

Mercedes-Benz will develop smart-branded electric vehicles in the Chinese city of Xian with Zhejiang Geely Holding Group from a base with annual capacity of about 150,000 vehicles, a senior official from its German company Daimler AG said that on Saturday.

Daimler's Chinese Executive Vice President Leng Yan made statements to Reuters on sidelines of China's EV100 forum in Beijing, an annual event where senior executives from the automotive industry openly discuss policies and the industry.

On Wednesday Geely and Mercedes-Benz said they would spend 2.7 billion yuan ($388.8 million) each in a China-based partnership to develop "premium and advanced electrified" vehicles under the Advanced name.

As with Mercedes-Benz, Smart is a brand of Daimler. At the time, the firms said the venture, which will be based in Ningbo's eastern Chinese city, will have manufacturing capabilities in China, and sales operations in China and Germany.

Geely, who holds a 9.7 percent stake in Stuttgart-based Daimler, is constructing car plants in Xian on its website according to construction bidding documents. Daimler, who is partnering with BAIC Group to manufacture luxury Mercedes-Benz cars in Beijing, is also constructing trucks with Beiqi Foton Motor unit of BAIC.

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