Smart delivered a total of 27,702 EVs in China from January to July, bringing the total number of units delivered in China since the electrification transition to 37,044.
Mercedes-Geely joint venture Smart delivered 4,292 vehicles in China in July, up 12 percent from 3,829 in June, figures released by the brand today showed.
From January to July, Smart delivered 27,702 vehicles in China, with a cumulative total of 37,044 units delivered in China since the electrification transition.
The Smart brand was born in 1998, targeting the high-end mini-car market.
On January 8, 2020, Mercedes-Benz and Geely formed a new joint venture based on the Smart brand to bet on the electrification transition.
As part of the agreement between the two, Mercedes-Benz designers will design the Smart cars of the future, Geely will engineer them, and the new models will be produced in a new factory in China.
Smart currently has two models on sale in China, the Smart #1, which went on sale in China on April 25, 2022 with deliveries starting on September 24, and the Smart #3, which went on sale in China on June 1 with deliveries starting on June 20.
In addition to the steady growth in Smart #1 deliveries, Smart #3 capacity and delivery rates are climbing rapidly, the company said in a press release today.
Smart is accelerating its operations in global markets, with the Smart #1 now officially available and deliveries beginning in Germany, France, Switzerland, Spain and other European countries. The Smart #3 will officially launch and begin deliveries in Europe in early 2024, the company said.
On July 22, the Smart #1 made its Southeast Asian market debut in Malaysia, where the model will be launched and delivered in the fourth quarter, it said.
On July 13, Chinese lithium giant Tianqi Lithium announced that it had acquired a 2.83 percent stake in Smart for $150 million. The deal valued Smart at $5.3 billion.
Prior to that investment by Tianqi, Mercedes-Benz held a 46 percent stake in Smart, Geely's offshore subsidiary Sunrise Mobility Limited held 41.4 percent and another Geely affiliate, ZMD Capital Ltd, held 4.6 percent. Other shareholders and reserved shares are 8 percent.
Tianqi acquired a 2.83 percent stake in Smart through the investment, reducing Mercedes-Benz's stake to 43.397 percent, Sunrise Mobility Limited to 39.057 percent and ZMD Capital Ltd to 4.340 percent.
Chinese lithium giant Tianqi leads Series A funding in Mercedes-Geely JV Smart with $150 million
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