Smart announced that it will raise $250-300 million in Series A financing, with Tianqi Lithium Industry as the lead investor

Smart will raise $250-300 million in Series A funding, led by Tianqi Lithium Industry

【Phoneauto News】On July 13th, it was reported that smart plans to raise $250-300 million in Series A financing from the capital market. This round of investment is led by Tianqi Lithium with a planned investment amount of up to $150 million. After the completion of this fundraising plan, both Mercedes-Benz and Geely, as partners, will fully support the financing plan and continue to jointly hold the global smart brand company in the same proportion of shares. At the same time, the smart brand will continue to firmly implement the forward-looking development strategy of “dual core in China and Europe, global layout”.

In response to this, Mr. Tong Xiangbei, CEO of the global smart brand company, said: “We appreciate the support of Mercedes-Benz and Geely. The smart brand is accelerating its global development and business operations. At the same time, we warmly welcome the investment of global industry leaders represented by Tianqi Lithium. We believe that this move will not only further broaden the brand vision of smart, but also help strengthen the brand’s competitiveness in the global market.”

Data shows that in the first half of 2023, smart has delivered a total of 23,540 pure electric vehicle models in the domestic market. Among them, in June, smart delivered 3,829 units in the domestic market, an increase of nearly 46% compared to the previous month. In addition to the steady growth in delivery volume of smart Elf #1, the first batch of deliveries of the new smart Elf #3 started on June 21st.

In the European market, the first batch of smart mass-produced cars has started delivery in March, and the delivery efficiency is expected to rapidly improve to a new level in the near future. It is reported that in early 2024, the new smart Elf #3 will be officially launched in the European market.

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