smart Reaches Strategic Cooperation with Banking Partner, Boosting Global Business Development
- smart Automobile Co., Ltd. has reached strategic cooperation with banking partner, Shanghai Pudong Development Bank (SPD Bank)
- With the finalisation of the first large-scale credit financing agreement, the majority of funds is going to be used for mid to long-term future product R&D at smart, as well as the development of the infrastructure and operation of the brand’s Direct-to-Customer agent-based business model, further boosting global business
- The highly anticipated all-new next generation smart concept car to celebrate its world premiere at the IAA in Munich in September this year
(Hangzhou) During its exciting renewal, smart, the premium all-electric automobile and technology brand, is not only embarking on a new chapter of brand development, but also gaining widespread attention from the industry. Winning the recognition of potential new-retail and banking partners in the wake of launching Direct-to-Customer agent-based business model in China, smart now joins hands with Shanghai Pudong Development Bank (SPD Bank) to announce a strategic framework agreement.
Mr Tong Xiangbei - Chief Executive Officer of smart Automobile Co., Ltd. (left)
Mr. Ulf Nestler - CFO and Vice President of smart Automobile Co., Ltd. (right)
Mr. Hu Xuan - President of Hangzhou Branch of Shanghai Pudong Development Bank (middle)
Based on the agreement, the first round of large-scale credit financing from SPD Bank has been approved, which will see funding directed at mid to long-term future product R&D at smart and the development of infrastructure and operation of Direct-to-Customer agent-based business model. Meanwhile, the two parties will also explore in-depth cooperation in several fields, including financial service for new-retail innovations.
Mr. Tong Xiangbei, Global Chief Executive Officer, smart Automobile Co., Ltd. said, “The establishment of this strategic framework agreement is greatly significant, marking the starting point for deeper cooperation between smart and SPD Bank. smart has formulated a clear path of corporate development strategy, including business model innovation, brand renewal and completely renewed product portfolio. We are pleased to gain recognition and support from the industry and our banking partners. Also, in the future, we look forward to working with more outstanding partners to develop smart into a world-leading premium all-electric automobile and technology brand.”
Mr Tong Xiangbei - Chief Executive Officer of smart Automobile Co., Ltd.
Co-creating with outstanding partners to design a smarter future
Born with the brand vision of pioneering in mobility solutions, smart inherits the spirit of designing a smarter future and was the first brand in the global industry to abandon the internal combustion engine, transforming into an all-electric brand. Meanwhile, as a strategic partner of smart, SPD Bank is among the well-established financial institutes pioneering the move into NEV industry financing, in addition to offering a wide variety of green finance products and financial service systems.
Mr. Hu Xuan, President of SPD Bank, Hangzhou Branch said, “We have long been committed to developing as a green and low-carbon bank and have actively supported the development of the NEV industry. We are pleased to reach this strategic partnership with smart. In the future, we will continue to work together to explore more opportunities for in-depth cooperation.”
“SPD Bank not only features exceptional financial strength, but also has profound insight into the NEV industry. We are delighted to collaborate with SPD Bank to open a new chapter for smart.” Said Mr. Ulf Nestler, Vice President of Finance, smart Automobile Co., Ltd. “Our global business is currently developing steadily. We are now arranging the use of large-scale credit financing to ensure a smooth and sustainable development path for smart.”
Mr. Ulf Nestler - CFO and Vice President of smart Automobile Co., Ltd.
Fully charged: Stay tuned for the next generation of smart
The first next-generation smart product will be a premium all-electric, high-tech, compact SUV. The vehicle will inherit the smart DNA while demonstrating the excellence of Mercedes-Benz design. A perfect embodiment of technology paired with safety, the car is developed based on the so-called Sustainable Experience Architecture (SEA). In September this year, the all-new smart concept car will celebrate its world premiere at the IAA in Munich. The first production model is expected to be officially launched next year and be distributed in Europe as well as in China.
In the face of new competition, smart neither follows nor imitates. Instead, it seeks to blaze an innovative path and build further on its unique brand heritage, attracting support and engagement with potential partners. The strategic partnership with SPD Bank is another demonstration of the industry’s strong confidence in smart. Going ahead, the company will maintain its development path with a “Customer Centric, Data Driven” approach, focusing on the customers’ experience to develop into a world-leading, premium, all-electric automobile and technology brand.
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smart corporate introduction
Established in 2019, smart Automobile Co., Ltd. is a global joint venture between Mercedes-Benz AG and Geely Auto Group with the mission to transform smart into a world-leading, premium, all-electric automobile and technology brand.
The new generation of smart vehicles is designed by the worldwide Mercedes-Benz Design network and developed by the Geely global engineering network with future production in China. A new all-electric vehicle architecture SEA will become the foundation for smart’s entry into the premium BEV range with its first SUV vehicle set to launch in the second half of 2022.
smart Automobile Co., Ltd. is headquartered in Hangzhou Bay, Ningbo with its operational sales functions based in China and Germany.