On January 8, Zhejiang Geely Holding Group and Mercedes-Benz Co., Ltd. announced that, with the approval of relevant regulatory authorities, the smart brand global joint venture company “Smart Motor Co., Ltd.” It was formally established to jointly operate and promote the transformation and upgrading of smart brands worldwide.
The registered capital of the joint venture company is 5.4 billion yuan, and the two parties will each contribute 2.7 billion yuan. Mercedes-Benz AG will acquire the corresponding shares mainly in the form of smart brand investment. The two parties will exert synergies in areas such as research and development, manufacturing and supply chain, and are committed to building smart into a world-leading high-end electric smart car brand. The global headquarters of the joint venture company is located in Hangzhou Bay New District, Ningbo, China, and marketing centers are set up in China and Germany.
The new generation of pure electric smart will be designed by Mercedes-Benz’s global design department, and Geely Global R & D Center will be responsible for engineering research and development. The new model will be produced in a brand new factory in China, and it is expected to be launched on the market and sold worldwide in 2022. According to the new model development plan, smart’s future product lineup will expand to the fast-growing compact market segment, which is in line with the smart brand positioning.