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Mercedes Benz and Geely Holding form Smart Automobile Co

Auto News - Published on Mon, 13 Jan 2020

Image Source: Mercedes-Benz Geely Holding
Mercedes-Benz AG and Zhejiang Geely Holding Group, the German and Chinese automotive groups, announced that they have formally established the global joint venture smart Automobile Co Ltd for the smart brand after receiving the regulatory approvals. The total registered capital of the Joint Venture will be 5.4 billion RMB to transform smart into a leading player in premium-and intelligent electrified vehicles. Both parties will equally contribute 2.7 billion RMB, the share of Mercedes-Benz AG will be mainly covered by the contribution of the smart brand. The global headquarters of the new joint venture has been set in Hangzhou Bay, Ningbo with operational sales functions based in China and Germany.

The new generation of smart vehicles will be designed by the worldwide Mercedes-Benz Design network and developed by the Geely global engineering network. Future production will be located in China. As part of the vehicle-development program, the smart product portfolio will be extended into the fast-growing B-segment that are in line with smart’s brand positioning with a focus on pure premium electric and connected vehicles.

The board of directors of the new smart joint venture will be made up of six executives with equal representation from both parties. Daimler AG board representatives will include Hubertus Troska, Member of the Board of Management of Daimler AG responsible for Greater China, Britta Seeger, Member of the Board of Management of Daimler AG and Mercedes-Benz AG responsible for Marketing & Sales, and Markus Schäfer, Member of the Board of Management of Daimler AG and Mercedes-Benz AG responsible for Group Research and Mercedes-Benz Cars Development. Geely board representatives will include Geely Holding Chairman Li Shufu, Geely Holding President, Geely Auto Group President and CEO An Conghui, Geely Holding Executive Vice President and CFO Daniel Donghui Li.

Source :

Posted By : Arun Huidrom on Mon, 13 Jan 2020
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