Smart plans new round of funding led by Tianqi Lithium

SHANGHAI — EV brand Smart said on Thursday it planned to raise $250 million to $300 million via series-A funding which it hoped would enhance its long-term sustainable development strategy and accelerate iglobal development.

Chinese lithium producer Tianqi Lithium Corp. has agreed to invest $150 million in the fund raising, Smart said in a statement.

Smart, a joint venture of Germany's Mercedes-Benz Group and China's Zhejiang Geely Holding Group, said both companies will remain equal controlling shareholders.

"Thanks to the support from Mercedes-Benz and Geely, Smart now is accelerating its global development and business operation. Meanwhile, we are more than glad to welcome the strategic investments of worldwide industry leaders, such as Tianqi Lithium," Smart's Global CEO Tong Xiangbei said in the statement.

"We are confident this move will allow us to further broaden Smart's horizons and strengthen our next-step plans to enhance the competences of Smart in global markets," he said.

Smart said in May that it was open to new technology and investor partners.