<div id="readability-page-1"><div id="news-body">(Yicai) Jan. 26 -- Smart, the electric car marque produced by a joint venture between German auto manufacturer Daimler and Chinese carmaker Geely Automobile Holdings, continues to aggressively expand its global retail network despite sales in China slumping for the last two years.Smart’s sales in China tumbled 7 percent last year, marking a second consecutive year of decline, yet global store numbers are up 25 percent year-on-year.Smart initially set a sales target of 120,000 vehicles for 2025, but later slashed it to 80,000, Wu Yang, a manager at a Smart store in Shanghai, told Yicai.On New Year’s Day, Smart launched a limited number of 'Year of the Horse' versions of the Smart #1 model, slashing the price by CNY15,000 (USD2,150) from the standard edition to CNY139,900 (USD20,000). Only 1,000 units were available, but they have not sold out yet.“These ‘Year of the Horse’ vehicles were all produced last year and are being sold as part of a 1,000-unit clearance. The real reason for this clearance is that Smart didn’t hit its sales targets last year,” Wu said.Smart hasn’t disclosed its actual sales targets or sales figures for 2025 yet. But data on newly insured vehicles shows that sales in China plunged 7 percent from the year before to just over 30,000 autos.Smart’s target for 2026 is still 80,000 cars, Wu said. The brand plans to launch two more models this year on top of the three already on sale.Meanwhile, Smart’s expansion of its retail network is gaining pace. Smart’s global store count surged 25 percent last year from the year before to 688 outlets. Stores in emerging markets such as Southeast Asia, Oceania, the Middle East, and Latin America soared 130 percent to 72 stores and that in China jumped 43 percent to 294.Smart was set up in 1994 by Stuttgart-based Daimler and Swiss watchmaker Swatch, and is known for producing compact, distinctive two-door microcars. Its global annual sales peaked at 150,000 units, but due to the difficulties of targeting a niche market, Smart gradually stopped production in many markets around the world between 2017 and 2019.To revive the brand, Hangzhou-based Geely and Daimler’s Mercedes-Benz set up an equal joint venture, Smart Automobile, in 2019 to transform Smart into a pure electric vehicle brand.In fact, other mid-to-high-end EVs like Smart have faced similar challenges. For example, Spotlight Automotive, a 50:50 joint venture between Germany’s BMW and China’s Great Wall Motor, produces electric versions of the MINI, which are also no longer selling so well.Editor: Kim Taylor</div></div>

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Smart, the electric car brand from Daimler and Geely, is expanding its global retail network despite a 7% decline in sales in China for the second consecutive year. Global store count increased by 25% to 688 outlets, with significant growth in emerging markets. Smart's sales target for 2025 was reduced from 120,000 to 80,000 vehicles. The brand launched a limited edition model at a discounted price, but sales have not met expectations. Smart plans to introduce two more models this year while continuing its retail expansion.

- Smart, a joint venture between Daimler and Geely, is expanding its global retail network despite a 7 percent decline in its China sales last year.  
- The company reduced its sales target for 2025 from 120,000 to 80,000 vehicles while simultaneously launching a limited edition model amid clearance sales of previously produced vehicles.  
- Global store count increased by 25 percent in the past year, particularly in emerging markets, as Smart aims to regain market traction following its decline in annual sales.

Yicai

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Mercedes-Benz Group AG

Hwabao WP CSI Intelligent Electric Vehicle ETF

GEELY AUTO

Daimler AG

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Geely Auto

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GEELY AUTOMOBILE HOLDINGS LIMITED SPON ADS EACH REP 20 ORD

Daimler, Geely EV Brand Smart Expands Global Store Count Despite Two Years of Falling China Sales