Mercedes-Benz AG (Mercedes-Benz) and Zhejiang Geely Holding Group (Geely Holding), the German and Chinese automotive groups, announced that they have formally established the global joint venture “smart Automobile Co., Ltd.” for the smart brand after receiving the regulatory approvals.

The new generation of smart vehicles will be designed by the worldwide Mercedes-Benz Design network and developed by the Geely global engineering network. Future production will be located in China. 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.

The joint venture will bring the next generation of zero smart electric cars to the Chinese and global markets.