Smart: Proton to be centre of brand's EV strategy for SEA, one new model every year until 2024

Smart has secured 8 billion Chinese Yuan (about RM 5.2 billion) in credit from a syndicate of 7 Chinese banks. The banks are: Shanghai Pudong Development Bank, China Construction Bank, Bohai Bank, Bank of Communications, Agricultural Bank of China, China Minsheng Bank, and China Guangfa Bank.

The Hangzhou-based, Geely-Mercedes-Benz co-owned small electric car company say the “credit fund will be used to further boost production efficiency, accelerate future product research and development, advance business network expansion, and help the smart brand to bring better product and service quality, faster delivery speed and more value to the market.”

Smart also reiterated its promise to deliver 1 new model every year from 2022 to 2024.

The first Smart model launched under the new joint venture company is the Smart #1 (pronounced as hashtag one), which has already gone on sale in China.

The 66 kWh battery capacity, 440 km driving range (WLTP test cycle), 272 PS electric hatchack is between the size of a Toyota Yaris and Honda City Hatchback. Prices in China range from CNY 181,600 (~RM 119k) to CNY 245,000 (~RM 161k).

Unusual for an EV of this category, the Smart #1 supports a rather high 22 kW AC charging, as well as up to 150 kW DC fast charging.

In September, Smart signed a general distributors agreement with Proton, appointing the latter’s subsidiary Proton New Energy Technology (Pro-Net) to represent the Smart brand in Malaysia and Thailand.

Smart’s main market will be China and Europe, which the company refers to as its “dual-home" global development strategy.

Beyond its two core markets, Smart will also pursue growth in other international markets especially in Southeast Asia (SEA).

“Smart will develop the Southeast Asian market, centered on Malaysia and Thailand together with Proton, as well as actively explore other high-potential new energy vehicle market opportunities around the world,” said the company.

The Smart #1 will be launched in Malaysia and Thailand in the final quarter of 2023.

Also read: First EV to be sold by Proton, are Malaysians willing to pay RM 120k for the Smart #1?