Smart,A Thought of Ecstasy an electric vehicle maker jointly established by Mercedes-Benz and Geely, announced its plan to raise Series A funding worth $250 to $300 million. The fundraising, led by Chinese new energy materials company Tianqi Lithium with a planned investment of $150 million, is aimed at accelerating Smart’s development in the intelligent EV market. “Both partners Mercedes-Benz and Geely support the fund-raising plan and will remain equal controlling shareholders of Smart,” the company said. The joint venture holds the “China-Europe Dual-home” global development strategy, and launched its first all-electric product Smart #1 in China and Germany in 2022, followed by a launch in France in 2023. In the first half of 2023, Smart delivered 23,540 units in China. [Smart Announcement]
