Rumour has it that Tianqi Lithium Considering Investing in Smart

According to Bloomberg, people familiar with the matter have revealed that Tianqi Lithium is considering acquiring a minority stake in Smart Automobile Co. According to the official website, the Smart brand global company was founded in 2019 and is now held by Mercedes-Benz AG and Geely Automobile Group Co.
Sources familiar with the matter said Tianqi Lithium is in advanced talks with Smart for an investment of $100 million to $200 million, and the two sides could reach an agreement as early as the next few weeks in a deal that could value Smart at billions of dollars. However, people familiar with the matter also revealed that while discussions between the two parties have progressed, they could still be delayed or even fall apart.
Bloomberg reported last year that Smart had been considering raising funds for its plans to gradually electrify its entire model range in major markets around the world. Sources close to the situation said at the time that the company was initially aiming to raise between $500 million and $1 billion in new funding.
A representative for Mercedes declined to comment on the news, and representatives from Geely, Smart and Tianqi Lithium did not immediately return requests for comment from foreign media. However, Tianqi Lithium said, that there was no disclosable and undisclosed information in this regard, and Geely Holdings responded that there was no relevant information. Smart executives responded to the news by saying that they would not comment on the content in response to the speculation in the relevant media.
On January 8, 2020, Geely Holdings and Mercedes-Benz AG formed the Smart Automobile Co., Ltd. as a global joint venture company for the Smart brand, with a registered capital of 5.4 billion yuan, with each party contributing 2.7 billion yuan. Mercedes-Benz AG acquired the corresponding shares mainly in the form of the Smart brand. The global headquarters of the joint venture will be located in the Hangzhou Bay New Area in Ningbo, China, with separate marketing centres in China and Germany.