 In 2018, it was announced that The Swatch Group will be holding its own watch fair in Zurich, during Baselworld 2019.In 1994, Swatch entered into a joint venture with Germany's Daimler AG to produce the "Smart" car, but they later withdrew from this project.Swatch subsidiary "Belenos Clean Power AG" entered into a joint venture with the Paul Scherrer Institut in May 2008 to develop a hydrogen fuel cell for a fuel cell powered car.