German automotive brand Smart, now run by Mercedes-Benz and Zhejiang Geely Holding Group, finalized a deal this week for a $150 million investment from Tianqi Lithium, a major Chinese producer of lithium materials.
The deal is part of Smart’s plan to raise $250 million to $300 million in series-A funding for a global expansion.
After the deal closes, Mercedes-Benz and Geely will remain equal controlling shareholders, Smart said on Wednesday.
The partnership, Smart Automobile, assembles two EV models in China, the #1 sedan and the #3 crossover.
In the first eight months, Smart delivered 31,033 locally produced and imported vehicles in China, according to the company.