Key points
- Smart is looking to raise $250-$300 million in Series A financing.
- Tianqi Lithium will lead the round with an investment of $150 million.
- Mercedes-Benz and Geely will remain equal majority shareholders of Smart.
- Smart delivered 23,540 electric cars in China in the first half of the year.
- The first batch of the #1 was delivered in Europe in March.
- The Smart #3 is scheduled for market launch in Europe in early 2024.
- The Series A financing will help Smart to accelerate its global development and business operation and to strengthen its competencies in global markets.
Here are some additional detailsÂ
- The Series A financing is still ongoing, so the final amount raised could be higher or lower than $250-$300 million.
- It is not clear who else will participate in the Series A financing, but it is likely other strategic investors will be involved.
- The Series A financing will help Smart to expand its production capacity and to launch new electric car models.
- Smart is targeting a global market for its electric cars, and the Series A financing will help the company to achieve its global ambitions.
Smart, the electric car subsidiary brand of Mercedes-Benz and Geely, is in the process of raising funds in its Series A financing round. The company aims to secure between $250 million and $300 million USD. Tianqi Lithium, a Chinese company, has joined as a new investor and will lead the Series A round with a $150 million investment. It means a planned sum of up to €267.5 million, €133.75 million will come from Tianqi Lithium.
Fundraising Plan
The announcement does not specify the other participants in the financing round, as the round is still ongoing and the final amount has not yet been determined. However, Mercedes-Benz and Geely are supporting the fundraising plan and will maintain equal majority shareholding of Smart. The exact share distribution among investors is unknown at this stage.
Tong Xiangbei, the global CEO of Smart Automobile, expressed gratitude for the support from Mercedes-Benz and Geely, stating it will accelerate Smart’s global development and business operations. Tong also welcomed the strategic investment from Tianqi Lithium, emphasizing it will expand Smart’s horizons and strengthen its plans for global market competitiveness.
Deliveries
In the first half of the year, Smart delivered 23,540 electric cars in China, including the first Smart #3s since June. In Europe, the initial batch of the Smart #1 was delivered in March, with the announcement stating deliveries will soon increase to a new level. The Smart #3 is scheduled for market launch in Europe in early 2024.
Conclusion
Smart, the electric car subsidiary brand of Mercedes-Benz and Geely, is actively raising funds in its Series A financing round. The company aims to secure between $250 million and $300 million USD, with Tianqi Lithium leading the round by investing $150 million. Mercedes-Benz and Geely are supporting the fundraising plan and will maintain their equal majority shareholding in Smart. The exact share distribution among investors is yet to be determined.
Smart’s global CEO, Tong Xiangbei, expressed gratitude for the support and highlighted investments from industry leaders like Tianqi Lithium will help broaden Smart’s horizons and strengthen their plans for global market expansion. Smart has seen success in the Chinese market, delivering 23,540 electric cars in the first half of the year, and is now preparing for the market launch of the Smart #3 in Europe in early 2024.
This financing round and the involvement of strategic investors signal Smart’s commitment to accelerating its global development and enhancing its position in the electric vehicle market.
