Smart, the electric car subsidiary brand of Mercedes-Benz and Geely, is looking to raise 250 million to 300 million US dollars in its Series A financing round. The Chinese company Tianqi Lithium has joined as a new investor.
According to Smart, Tianqi Lithium will lead the Series A round with an investment of 150 million dollars. This means that of the planned up to 267.5 million euros, 133.75 million euros will come from Tianqi Lithium.
It is not clear from the announcement who else will participate in the Series A financing. Obviously, the round is still ongoing when the final sum has not yet been determined. What is clear, however, is that Mercedes-Benz and Geely are supporting the fundraising plan and “will remain equal majority shareholders of Smart”, as the announcement states. The exact shares are not known in the still ongoing search for investors.
“Thanks to the support from Mercedes-Benz and Geely, smart now is accelerating its global development and business operation. Meanwhile, we are more than glad to welcome the strategic investments of worldwide industry leaders, such as Tianqi Lithium,” said Tong Xiangbei, global CEO of Smart Automobile. “We are confident this move will allow us to further broaden smart’s horizons and strengthen our next-step plans to enhance the competences of smart in global markets.”
According to the announcement, Smart delivered 23,540 electric cars in China in the first half of the year – including the first #3s since June. In Europe, the first batch of the #1 was delivered in March – Smart announces that “deliveries will soon increase to a new level”. The Smart #3 is scheduled for market launch in Europe in early 2024.
Keyword: Smart announces a fresh investor from China