Smart launches new-generation #1 in China, starting at about $22,100

Smart, a joint venture between Mercedes-Benz and Geely Auto (HKEX: 0175), launched the new-generation #1 on Thursday, aiming to tackle the fiercely competitive small all-electric SUV (sport utility vehicle) market with 800-volt fast charging and advanced driver-assistance features.

The vehicle comes in two versions, the 535 Max and the 535 Ultra, with official prices of 152,900 yuan and 172,900 yuan respectively. Limited-time prices are 149,900 yuan ($22,080) and 169,900 yuan respectively.

The model measures 4,270 mm long, 1,822 mm wide and 1,636 mm tall, with a wheelbase of 2,750 mm.

Smart said the new vehicle has more than 200 upgrades over the older model, positioning it as a "new luxury AI agile SUV."

The new-generation Smart #1 is built on an 800-volt silicon carbide high-voltage platform, paired with a 16-in-1 integrated electric drive unit, making it Smart's first model to come with 800 volts as standard across the lineup.

Its single rear motor has a peak power of 245 kW (329 hp) and peak torque of 320 Nm, allowing it to go from 0 to 100 km/h in 6.7 seconds.

A 61.52 kWh lithium iron phosphate (LFP) battery provides 535 km of CLTC range, and 6C ultra-fast charging allows the battery to go from 10% to 80% in just 12 minutes.

Intelligence is another focus of the update. The Ultra version comes with a roof-mounted LiDAR, Nvidia's Orin Y chip and the Geely Afari Smart Driving (G-ASD) H5 assisted driving system.

The version has 31 sensing components in total and 200 TOPS of peak computing power, supporting navigation assistance on urban roads and highways without relying on high-definition maps.

Those features are optional on the Max version, with the G-ASD advanced assisted driving package offered at a limited-time half price of 14,000 yuan.

The cabin has been upgraded with a 15.4-inch 2.5K center screen running the Flyme Auto system, deeply customized based on Smart OS.

Smart is offering five limited-time benefits worth more than 25,000 yuan in total, including a 3,000 yuan cash deduction on the final payment, a half-price upgrade to the assisted driving package, and half-price options on 19-inch wheels and an official home charger. Customers trading in a Smart-brand vehicle can get an additional 10,000 yuan discount.

The current Smart #1 is limited by its 400-volt platform and lags behind rivals in fast-charging efficiency.

Direct competitors for the new model include the Zeekr X, the electric Mini Aceman and the Firefly EV from Nio Inc (NYSE: NIO).

In a broader price range, Smart also faces value-oriented models including the BYD Yuan Plus and the Mona L03 from Xpeng (NYSE: XPEV).

($1 = 6.7895 yuan)