Mercedes is going after China’s ride-hailing market

The German brand’s parent company, Daimler (DDAIF), certainly hopes so. It’s teaming up with Chinese automaker Geely to launch an upscale ride-hailing service in China next year.

Like other established car manufacturers, the companies are trying to adapt to the upheaval technology is bringing to the industry’s traditional business models. It’s no longer enough to make and sell vehicles, especially as car sales are on the wane in key markets around the world, including China.