Smart Car clarifies: Mercedes-Benz and Geely are still shareholders

The shareholder situation of Smart Motor Co., Ltd. (smart company in China) received widespread attention on June 29. There were previous reports that Mercedes-Benz and Geely Automobile had withdrawn as shareholders of the company, but Smart Brand Global issued a clarification statement today to deny this statement.

Smart Brand Global pointed out in a statement that Smart Motors Co., Ltd. is still a joint venture jointly held by Mercedes-Benz and Geely in equal shares. company. The statement also emphasized that in order to meet the needs of corporate development and seize market development opportunities, smart will flexibly adjust its strategic deployment.

However, according to the editor’s understanding, data from the National Enterprise Credit Information Publicity System shows that Mercedes-Benz Co., Ltd. withdrew from the ranks of shareholders of Zhimo Automobile Co., Ltd. on June 7, and Geely Automobile Co., Ltd. Group Co., Ltd. withdrew on June 25. Instead, SMART MOBILITY PTE.LTD. AND SMART MOBILITY INTERNATIonAL PTE.LTD., both of which hold 50% of the shares of Smart Motor Automobile Co., Ltd. respectively. This change also resulted in the company's enterprise type being changed from the original Sino-foreign joint venture limited liability company to a foreign-invested non-solely owned limited liability company.

Smart Motor Co., Ltd. is a joint venture of the smart brand in the Chinese market. It was established in December 2019 by Geely Automobile Group Co., Ltd. and Mercedes-Benz Co., Ltd. It was jointly funded and established on July 17th. The company launched its first model, smart Elf #1, in June 2022, and launched its second model, smart Elf #3, in June 2023. Both models are based on Geely's vast SEA architecture.

The recent important industrial and commercial changes of Smart Motor Co., Ltd. have triggered speculation that Mercedes-Benz and Geely will withdraw from their status as smart shareholders. Although public information shows that shareholders have changed, Smart Brand Global's clarification statement clearly stated that Mercedes-Benz and Geely are still shareholders of Smart Motor Co., Ltd. and will still jointly hold shares in the company. Smart Motor Co., Ltd. will flexibly adjust its strategy according to market demand and continue to promote the development of the smart brand around the world.

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