Mercedes-Benz and Geely said to seek up to $1 Billion for New Smart Car

Mercedes-Benz and Geely are rumored seeking a third partner and up to a billion dollars to revive the Smart Car brand.

The joint venture between the two companies could raise funds as part of its plans to promote the Smart Automobile as an all-electric brand.

Though there’s no official statement from both Mercedes-Benz and Geely, rumors have been spreading of the potential revival of the Smart Car that focuses on delivering premium all-electric vehicles. Other automotive media outlets report of a potential EV SUV model to be released.

If the buzz turned out to be true, this means that new models may no longer cater to the alternative fun-sized compact market the company was known for.

Official details are not yet available, but given the fact that Zhejiang Geely Holding Group is a major player in the development of new car technologies, the project may employ Geely’s Sustainable Experience Architecture (SEA).

The SEA is described by Geely as “the world’s first open-source electric vehicle architecture, that promises to transform the availability of zero-emission cars and trucks in the world’s largest auto markets.”

The potential revival of the Smart Car as a brand is somewhat of a positive news. Having them employ the latest EV technology is still in line with their brand identity. However, hearing the news that it might start producing premium SUVs is a bit of a steer in the opposite direction. It’s safe to assume though, that both Mercedes-Benz and Geely are aware of the market and may actually see Smart as a major player in the current EV landscape.