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Smart sets up new joint venture in China

2024-06-19 Update From: AutoBeta NAV: AutoBeta > News >


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On December 28th, smart and Yigatong Technology jointly announced the establishment of Smart Motor Software Technology Co., Ltd. Officials said that the two sides will focus on technology development, exchange of talents and joint innovation to further meet the individual needs of global consumers, build smart into a brand with industry benchmark intelligent experience, and jointly accelerate global development with innovative cooperation paradigm.

According to Tianyan, Zhi Motor Software Technology Co., Ltd. was established on December 22, 2023, with the legal representative Fu Hongwei, the chairman is Tong Xiangbei, and the registered capital is 100 million yuan. According to the shareholding structure, Zhimada Automobile Co., Ltd. holds 51%, while Yigatong (Hubei) Technology Co., Ltd. holds 49%.

In 2017, Li Shufu and Shen Ziyu jointly funded the establishment of Yijiatong Technology. Currently, the projects being developed by Yigatong Technology include automotive system chips, on-board central computing platform, integrated digital cockpit, advanced driving assistance system and unsupervised driving operating system and software, as well as functional security solutions.

On December 21, 2022, the merger of Yigatong Technology and the publicly listed special purpose acquisition company COVA Acquisition Corp. ("COVA") was completed, and the combined company will retain the company name of "Yijiatong Technology" under the stock codes "ECX" and "ECXWW" respectively. Including Geely, Volvo, Polar, Qianjiang Motorcycle, Lifan Technology and Hanma Technology, Yijiatong has become the seventh listed company controlled by Li Shufu, but there is little room for market imagination compared with other companies.

The reason why Yijiatong Technology was able to go public quickly is because of Geely. Zhi Mata Automobile Co., Ltd. is a smart China joint venture company in China. The company was established on December 17, 2019 with a registered capital of 5.4 billion yuan. It is a company jointly funded by Geely Automobile Group Co., Ltd. and Mercedes-Benz Co., Ltd., each holding 50%. It is understood that Luo Xiangbei is the general manager of the company, Li Shufu is the chairman and HUBERTUS TROSKA is the vice chairman.

It is understood that smart's products are designed by Mercedes-Benz's global design department, and Geely's global R & D center supports engineering research and development. the first model, smart Spirit # 1, was launched in June 2022, based on Geely's vast SEA architecture, with a price range of 18.16-226600 yuan, while the second model, smart Spirit # 3, was launched in June 2023 with a price range of 20.99-289900 yuan. According to previous reports, smart Spirit # 1 and smart Spirit # 3 are all pure electric models based on Geely's vast SEA architecture, with Mercedes-Benz design department responsible for styling and Zhejiang Haoqing Automobile, which is controlled by Geely, in charge of vehicle manufacturing.

Smart OS, the full-scene digital eco-car system advertised by Yijiatong, is the first smart brand to carry the first pure electric SUV wizard # 1 model. Yigatong said that as the first model of the smart brand facing the world and renovating the brand, Daimler, smart and Yigatong broke with the traditional cooperation model and worked closely from the product definition to create this global product. In addition, Yijiatong also said that in the past three years, the digital system provided by Yijiatong has been carried in more than 3.7 million cars around the world, serving 12 OEM brands, including Mercedes-Benz, Proton, Lutes, smart and Geely, but all of these brands have a deep relationship with Geely.

As for the establishment of a joint venture with Zhima Automobile Co., Ltd., the official said that it will continue to enlarge the unique advantages of the cooperation between the two sides, open up and optimize the research and development ecology, process system, procurement system and high-quality supply chain of vehicle and intelligent technology, and give better play to the high-quality product power of both brand resources and smart models, and form a full-stack self-research capability based on the deep accumulation of vehicle intelligent technology and platform system. It will benefit the long-term development of both sides in the world.

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