Latest news with #Geely
The Independent
2 hours ago
- Automotive
- The Independent
Smart #5 review: Tesla-rivalling family SUV is both big and clever
Best known for making city cars small enough to lose down the back of the sofa, Smart has lately been resurrected as a purveyor of premium (and very normal-sized) electric SUVs. The new Smart #5 is the biggest and boldest yet, a tech-focused family SUV with off-road stylings that joins the smaller Smart #1 and #3 in the brand's embiggened line-up. Built by Chinese firm Geely and designed by Mercedes-Benz – both share custody of the Smart name and DNA – the 4.7m long Smart #5 is about as far from the brand's compact roots as you can get. But besides a faint sense of loss for the goofy pocket-cars of yesteryear, the Smart #5 gives you little reason to dislike the brand's change of direction. So yes, the Smart #5 is big – you could parallel park the original Smart Fortwo inside its 2.9m wheelbase – but its boxy proportions, wide-apart wheels and flat floor make it lavishly spacious inside. The rear seats are as well-appointed and roomy as those in the front. The 800V architecture of the top-spec models means it charges faster than most UK charging points will allow, and most versions of the car offer some impressive tech as standard. How we tested We drove the Smart #5 Brabus around Porto and its surrounding countryside, assessing its performance, handling, interior tech and practicality on a variety of challenging roads. Independent rating: 7/10 Smart #5 specs Price range: From £32,000 (estimated) Battery size: 76kWh / 100 kWh Maximum claimed range: 366 miles Miles per kWh: 3.8 Maximum charging rate: 150kW / 426kW Battery, range, charging, performance and drive The Smart #5 comes with two battery sizes. There's the entry-level Pro with a 76kWh battery and 288 miles of range which will probably cost around £32,000. Move up to the Pro+ and beyond and you'll get the 100kWh battery, which offers 366 miles in RWD rear-drive configurations and 335 in the 4x4 AWD car. Those higher trims include the over-the-top Brabus version which could cost something in the region of £55,000. It does away with some comfort and efficiency to deliver a whopping 637bhp and nail a 0-62mph time of 3.8s – just in case that's something anyone would ever want to do in a Smart car. That's silly performance for an SUV of this heft and weight (and something few customers will choose) but thankfully the Smart #5 is fast in ways that matter, too. Charging speeds are where the Smart #5 excels. The biggest battery will charge at speeds of up to 400kW in optimal conditions, taking the Smart #5 from 10 to 80 per cent in under 18 minutes. That's quicker than the Porsche Taycan and the new Tesla Model Y, but you're unlikely to find those optimal conditions in the UK any time soon – where typical motorway fast chargers currently top out at 350kW. The entry-level Pro edition won't worry our current charging infrastructure, with 150kW charging speeds capable of getting from 10 to 80 per cent in under 30 minutes. We test drove the Smart #5 Brabus which, even on its 21in alloy wheels, feels composed and comfortable whether you're crawling along cobbled streets or cruising at motorway speeds. The top-spec Brabus is incongruously powerful for an otherwise sensible family SUV, but switch to a less sporty driving mode and you'll get something closer to the performance of lower trim models. Things gets more business-like then with nicely weighted steering and smoother, more predictable power delivery. Ironically, city driving isn't the Smart #5's strong point. The 2.4 tonne SUV is more than comfortable in start-stop traffic, and the boxy body shape gives you excellent road visibility, but the car's size and fairly unremarkable turning circle makes it naturally unsuited to squeezing around tight bends and out of tricky spots. Interior, practicality and boot space The Smart #5 is surprisingly cavernous. A flat floor and long wheelbase, coupled with the overall boxiness of the shape, creates a huge amount of headroom and legroom for even the tallest front and rear passengers. Boot space is generous at 630 litres, expanding to 1,530 litres with the seats down. There's also 74 litres of space in the frunk, should you need it. The Smart #5 comes with some decent kit as standard. Even the basic Pro gets a panoramic roof, plus heated driver seat, a 360-degree parking camera and climate controls for passengers in the back. Move up to higher trims and you get features like dual wireless charging pads for your phone, a touchscreen display for your passenger, a heat pump for better battery efficiency and an augmented reality head-up display. Technology, stereo and infotainment Smart has gone all-in on displays with the #5. The dashboard is dominated by a bright and responsive 13in OLED central touchscreen – it's an impressive, pill-shaped panel that stretches all the way over to the passenger side on Pro+ models and above. Somewhat alarmingly, your passenger can watch movies on their side of the car if they're sufficiently bored of your company – though Smart says the passenger display will disable if the driver tries to sneak a peek at whatever's on. The OLED display is vibrant, fast, isn't overly fussy and intuitive to navigate. While you don't get physical buttons on the display, you do get a few on the steering wheel and the most essential controls are always within reach on screen. Apple CarPlay and Android Auto work wirelessly and seamlessly, integrating neatly with Smart's underlying interface. You've got your usual list of driver assist systems, which as with many modern cars includes a few overly judicious safety warnings. Overtaking a truck on a motorway with ample space, for example, we received the rather stark message that the car was 'taking evasive action'. Yawn just once and you'll be told to take a break and grab a coffee. The car's lane keeping can get a little jaunty with adaptive cruise control too, sometimes meandering in the lane like it's looking for something. Premium models and above get an impressive 20-speaker Sennheiser system with Dolby Atmos support, all 1,190 watts of which sound great in the the arena-sized cockpit of the Smart #5. Prices and running costs The Smart #5 will be available in the UK later this year, with prices still to be announced. Estimates put the entry-level Pro at around £32,000 which, if Smart could manage that, would offer good value in a competitive mid-size SUV market considering the #5's size, the amount of standard kit, and that impressive charging tech. The top-spec Brabus model could well top the £55,000 mark when prices are announced. Efficiency is nothing special, but still decent at around 3.8 miles per kWh, meaning running costs will be typical for a large EV. That means cheap if charging at home on off-peak tariffs, but potentially pricey if you want to make regular use of the Smart #5's impressive charging speeds at public chargers. FAQs How long does it take to charge? Models with the 100kWh battery and 800V system can theoretically charge 10 to 80 per cent in under 18 minutes on a 400kW+ charger. The 76kWh Pro model takes under 30 minutes on a 150kW charger. How much does it cost - is it worth it? Estimated from £32k to over £50k. Mid-range models offer a strong blend of space, tech, and range for the money, making it a compelling premium EV choice if you can live with the screen-heavy interface. Does Smart replace batteries for free? Like most EV manufacturers, Smart will offer an 8 year/100,000 mile warranty on the high-voltage battery, covering significant degradation or failure. Why trust us Our team of motoring experts have decades of experience driving, reviewing and reporting on the latest EV cars, and our verdicts are reached with every kind of driver in mind. We thoroughly test drive every car we rate, so you can be sure our verdicts are honest, unbiased and authentic. The verdict: Smart #5 Big enough to swallow the old Smart Fortwo whole, the Smart #5 is about as far from the brand's dinky heritage as you can get. Impressively large, crammed with technology and with a few too many screens in the cockpit, the family SUV delivers a premium driving experience, copious interior space, plenty of kit and enough character to avoid feeling generic. The Brabus is bonkers fast, but the standard versions will be the smarter buy.
Business Recorder
7 hours ago
- Automotive
- Business Recorder
S&P lowers outlook on Volvo Cars rating citing US tariffs, competition in China
STOCKHOLM: S&P on Friday lowered the outlook for its BB+ credit rating on Volvo Cars to 'negative' from 'stable', saying U.S. tariffs and tougher competition in China were hurting the company's growth prospects. The Sweden-based automaker, which is majority-owned by China's Geely, last month withdrew its earnings guidance and announced cost cuts, which will include laying off some 3,000 mostly white-collar workers amid a slowdown in demand. 'The negative outlook on Volvo Cars reflects its large exposure to U.S. import tariffs and the increasing marginalisation in the Chinese market,' S&P said in a statement. 'We expect Volvo Cars' profitability and cash generation after investments to come under pressure in 2025-2026, partly alleviated by a substantial cost reduction programme.' The United States represented 16% of Volvo Cars sales in 2024, while China accounted for 20%. Volvo Cars to cut 3,000 jobs in restructuring Volvo Cars produces only one of its models in the United States, and relies on imports for the rest, leaving the company more exposed to U.S. tariffs than many of its European peers. S&P said a proposed 2027 U.S. ban on automakers controlled by a Chinese entity also weighed on the outlook. In the most recent twist in the trade turmoil sparked by President Donald Trump, a U.S. court on Thursday temporarily reinstated sweeping new tariffs, a day after another U.S. court had ordered an immediate block on them.
Reuters
8 hours ago
- Automotive
- Reuters
S&P lowers outlook on Volvo Cars rating citing US tariffs, competition in China
STOCKHOLM, May 30 (Reuters) - S&P on Friday lowered the outlook for its BB+ credit rating on Volvo Cars ( opens new tab to "negative" from "stable", saying U.S. tariffs and tougher competition in China were hurting the company's growth prospects. The Sweden-based automaker, which is majority-owned by China's Geely, last month withdrew its earnings guidance and announced cost cuts, which will include laying off some 3,000 mostly white-collar workers amid a slowdown in demand. "The negative outlook on Volvo Cars reflects its large exposure to U.S. import tariffs and the increasing marginalisation in the Chinese market," S&P said in a statement. "We expect Volvo Cars' profitability and cash generation after investments to come under pressure in 2025-2026, partly alleviated by a substantial cost reduction programme." The United States represented 16% of Volvo Cars sales in 2024, while China accounted for 20%. Volvo Cars produces only one of its models in the United States, and relies on imports for the rest, leaving the company more exposed to U.S. tariffs than many of its European peers. S&P said a proposed 2027 U.S. ban on automakers controlled by a Chinese entity also weighed on the outlook. In the most recent twist in the trade turmoil sparked by President Donald Trump, a U.S. court on Thursday temporarily reinstated sweeping new tariffs, a day after another U.S. court had ordered an immediate block on them.
Malay Mail
9 hours ago
- Automotive
- Malay Mail
Zeekr investors hit out at Geely's US$2.2b privatisation plan, say EV maker worth more than Nio, Xpeng, Li Auto
Five early investors, including CATL and Intel Capital, have sent letters Say offer values Zeekr far lower than some peers despite better prospects Geely plans to merge Zeekr into Geely Auto unit HONG KONG/SHANGHAI, May 30 — China's Geely is undervaluing its premium electric car unit Zeekr with the US$2.2 billion take-private offer it has made, five early investors in Zeekr have written to its board, according to three sources with direct knowledge of the matter. The investors, including Contemporary Amperex Technology Co Ltd (CATL), Intel Capital and Boyu Capital, who invested in Zeekr's maiden fundraising round, have sent two letters written jointly to the company and a special committee formed to assess the offer, saying that the privatisation price was too low to reflect the fair value of Zeekr, the sources told Reuters. Geely, one of China's most globally known automakers due to its purchase of foreign marquees such as Volvo and Proton, offered on May 7 to privatise Zeekr, saying it wanted to fully merge Zeekr into Geely Auto. Geely Auto owns about two-thirds of Zeekr. Both companies sit under the umbrella of their unlisted parent, Geely Holding. Geely founder and chairman Eric Li also chairs the Zeekr board. The move surprised the market and the auto industry, given how it came just a year after it took the EV brand public in the United States. It has also raised questions on the prospects of two other Geely units preparing for Hong Kong listings, including ride-hailing firm CaoCao Inc, and raised questions over whether Geely might delist its other US-listed units such as Polestar . The other two investors who wrote the letters were Bilibili and Cathay Fortune Corp. A spokesperson for Geely said that talks with Zeekr's special committee were ongoing. Zeekr, CATL, Intel Capital, Boyu Capital, Cathay Fortune did not respond to requests for comment. Bilibili declined to comment. The offer is non-binding according to Geely Auto's filing. A binding commitment will only arise upon the execution of definitive agreements, subject to the terms and conditions, it said. Improving the strategic focus Li has pivoted Geely away from its history of aggressive acquisitions to streamlining operations and cutting costs amid a brutal price war in China's auto market, the world's biggest. He launched last year a campaign to improve the group's strategic focus and eliminate internal competition, which has so far involved it restructuring its brands into two units and merging some teams that were working on digital cockpit technology. Zeekr is now viewed as Geely's best asset – sales of the brand reached 41,403 units in the first quarter of this year with six models, increasing 25 per cent from a year ago and outselling BYD's premium brand Denza. The five investors said in the first letter they sent last week that the privatisation price only valued Zeekr at US$6.5 billion, much lower than peers such as Li Auto, Nio and Xpeng, according to the three sources. They said Zeekr has a better cash flow and profitability prospects than these peers, and urged the deal should only proceed after obtaining the agreement of the majority of the 'independent minority' shareholders. Two of the sources said the investors sent a second letter this week, reiterating what they said in the first letter and urging the Zeekr special committee to carefully review and evaluate the offer. The five investors took part in Zeekr's first external fundraising round of US$500 million that valued it at US$9 billion in 2021. At the time, they together held a 6 per cent stake in the company. A subsequent fundraising round valued the EV maker at US$13 billion in 2023 but a year later it went public at a valuation of US$5.5 billion on a fully diluted basis, less than half of the pre-IPO figure. Two of the sources said Y2 Capital, an investor in Zeekr's IPO, had sent a similar letter voicing concerns to Geely's leadership. Y2 Capital did not respond to a request for comment. Geely's offer of US$25.66 per American Depository Share of Zeekr represented a 24 per cent premium to its average share price over the four weeks prior to the offer announcement. The average premium paid in US take-private deals has been about 40 per cent since 2023, according to LSEG data. Zeekr shares are now trading above the offer price and last closed at US$26.59. However, analysts said that Geely Auto may have sufficient votes to carry out the privatisation without the need for other shareholder approvals given its 65.7 per cent stake in Zeekr. — Reuters
Yahoo
10 hours ago
- Automotive
- Yahoo
Exclusive-Zeekr investors criticise Geely's $2.2 billion take-private bid as inadequate, say sources
HONG KONG/SHANGHAI (Reuters) -China's Geely is undervaluing its premium electric car unit Zeekr with the $2.2 billion take-private offer it has made, five early investors in Zeekr have written to its board, according to three sources with direct knowledge of the matter. The investors, including Contemporary Amperex Technology Co Ltd (CATL), Intel Capital and Boyu Capital, who invested in Zeekr's maiden fundraising round, have sent two letters written jointly to the company and a special committee formed to assess the offer, saying that the privatisation price was too low to reflect the fair value of Zeekr, the sources told Reuters. Geely, one of China's most globally known automakers due to its purchase of foreign marquees such as Volvo and Proton, offered on May 7 to privatise Zeekr, saying it wanted to fully merge Zeekr into Geely Auto. Geely Auto owns about two-thirds of Zeekr. Both companies sit under the umbrella of their unlisted parent, Geely Holding. Geely founder and chairman Eric Li also chairs the Zeekr board. The move surprised the market and the auto industry, given how it came just a year after it took the EV brand public in the United States. It has also raised questions on the prospects of two other Geely units preparing for Hong Kong listings, including ride-hailing firm CaoCao Inc, and raised questions over whether Geely might delist its other U.S.-listed units such as Polestar. The other two investors who wrote the letters were Bilibili and Cathay Fortune Corp. A spokesperson for Geely said that talks with Zeekr's special committee were ongoing. Zeekr, CATL, Intel Capital, Boyu Capital, Cathay Fortune did not respond to requests for comment. Bilibili declined to comment. The offer is non-binding according to Geely Auto's filing. A binding commitment will only arise upon the execution of definitive agreements, subject to the terms and conditions, it said. IMPROVING THE STRATEGIC FOCUS Li has pivoted Geely away from its history of aggressive acquisitions to streamlining operations and cutting costs amid a brutal price war in China's auto market, the world's biggest. He launched last year a campaign to improve the group's strategic focus and eliminate internal competition, which has so far involved it restructuring its brands into two units and merging some teams that were working on digital cockpit technology. Zeekr is now viewed as Geely's best asset - sales of the brand reached 41,403 units in the first quarter of this year with six models, increasing 25% from a year ago and outselling BYD's premium brand Denza. The five investors said in the first letter they sent last week that the privatisation price only valued Zeekr at $6.5 billion, much lower than peers such as Li Auto, Nio and Xpeng, according to the three sources. They said Zeekr has a better cash flow and profitability prospects than these peers, and urged the deal should only proceed after obtaining the agreement of the majority of the "independent minority" shareholders. Two of the sources said the investors sent a second letter this week, reiterating what they said in the first letter and urging the Zeekr special committee to carefully review and evaluate the offer. The five investors took part in Zeekr's first external fundraising round of $500 million that valued it at $9 billion in 2021. At the time, they together held a 6% stake in the company. A subsequent fundraising round valued the EV maker at $13 billion in 2023 but a year later it went public at a valuation of $5.5 billion on a fully diluted basis, less than half of the pre-IPO figure. Two of the sources said Y2 Capital, an investor in Zeekr's IPO, had sent a similar letter voicing concerns to Geely's leadership. Y2 Capital did not respond to a request for comment. Geely's offer of $25.66 per American Depository Share of Zeekr represented a 24% premium to its average share price over the four weeks prior to the offer announcement. The average premium paid in U.S. take-private deals has been about 40% since 2023, according to LSEG data. Zeekr shares are now trading above the offer price and last closed at $26.59. However, analysts said that Geely Auto may have sufficient votes to carry out the privatisation without the need for other shareholder approvals given its 65.7% stake in Zeekr.
