smart AutomobileOn January 8th, Zhejiang Geely Holding Group and Mercedes-Benz AG jointly announced that, with the approval of the relevant regulatory authorities, the two sides formed a global joint venture of Smart Automobile Co., Ltd.”, Ltd. was formally established to jointly operate and drive the transformation and upgrading of the smart brand on a global scale.
The joint venture has a registered capital of Rmb5.4bn, with each party contributing Rmb2.7bn, while Mercedes-Benz acquires the corresponding shares mainly in the form of a smart brand. The joint venture is headquartered in Hangzhou Bay New Area, Ningbo, China, and has marketing centers in China and Germany.
The new generation of pure electric smart will be designed by Mercedes-Benz’s global design department, and Geely Holding’s global research and development center will be responsible for engineering research and development. The new models will be produced at a new factory in China and are expected to be launched and sold worldwide in 2022. According to the new model development plan, smart future product lineup will expand to the fast-growing compact segment.
It is understood that the board of directors of the joint venture will be composed of six members, each of which will appoint three. They include Hubertus Troska, head of Daimler’s Greater China, chairman of Geely Group, and Geely CEO An Conghui.
In addition, the joint venture decided to appoint TongXiangbei as the global CEO of the smart joint venture, which will co-ordinate all business modules of the smart brand, such as marketing, sales, research and development, and report to the board of directors of the smart joint venture. He has over 20 years of experience in the automotive industry and has worked for several of the world’s leading automotive companies in China and the United States.
According to public information, Geely Group has jointly announced with Daimler Group that it will set up a joint venture in China by the end of 2019, each holding a 50% stake, to produce the next generation of smart models in China, and to build smart into a high-end smart electric car brand. Today (January 8), Geely and Mercedes-Benz formally launched a joint venture under the smart brand, also fulfilled its previous promise.