Transforming the brand into a leading player

Before joining the smart joint venture, he has worked for global automotive OEMs both in the United States and in China. Tong has more than two decades of experience in automotive industry. Tong Xiangbei has been appointed the new global CEO of the smart joint venture and will oversee all operations relating to the brand including sales, marketing, R&D, production and after sales. Geely board representatives will include Geely Holding Chairman Li Shufu, Geely Holding President, Geely Auto Group President and CEO An Conghui, Geely Holding Executive Vice President and CFO Daniel Donghui Li. Daimler AG board representatives will include Hubertus Troska, Member of the Board of Management of Daimler AG responsible for Greater China, Britta Seeger, Member of the Board of Management of Daimler AG and Mercedes-Benz AG responsible for Marketing & Sales, and Markus Schäfer, Member of the Board of Management of Daimler AG and Mercedes-Benz AG responsible for Group Research and Mercedes-Benz Cars Development. The board of directors of the new smart joint venture will be made up of six executives with equal representation from both parties. As part of the vehicle-development program, the smart product portfolio will be extended into the fast-growing B-segment that are in line with smart’s brand positioning with a focus on pure premium electric and connected vehicles. Future production will be located in China. The new generation of smart vehicles will be designed by the worldwide Mercedes-Benz Design network and developed by the Geely global engineering network. The global headquarters of the new joint venture has been set in Hangzhou Bay, Ningbo with operational sales functions based in China and Germany. Both parties will equally contribute 2.7 billion RMB, the share of Mercedes-Benz AG will be mainly covered by the contribution of the smart brand. The total registered capital of the Joint Venture will be 5.4 billion RMB to transform smart into a leading player in premium-and intelligent electrified vehicles. Mercedes-Benz AG (Mercedes-Benz) and Zhejiang Geely Holding Group (Geely Holding), the German and Chinese automotive groups, today announced that they have formally established the global joint venture “smart Automobile Co., Ltd.” for the smart brand after receiving the regulatory approvals.

First range of pure electric products to be launched from 2022.

Total registered capital of the Joint Venture of 5.4 billion RMB to develop next-generationpremium electric smart vehicles.

Mercedes-Benz and Geely Holding formally establish smart brand as a global joint venture.

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