So much for Valentine's Day. Penske and Smart have jointly announced that the couple go their separate ways.
Penske walk away like distribution rights, management, sales and marketing duties, but that does not mean the brand is going anywhere. From now on peddle the pint-sized city Mover Mercedes-Benz and Smart USA, says the movement is only part of a larger growth strategy. In a letter to the owner, Smart said that all guarantees still valid, and that all should be ironed as soon as June of this year by the transfer kinks.
Talk about a quick rebound.
Daimler takes over Smart Distribution in the world, so the move makes sense for the troubled brand here in the States. Hobbled by low fuel prices, Smart sold 100,000 units worldwide last year. In comparison, the company was able to move to 114,000 vehicles amid the global recession of 2009. A poor 5927 fortwo were sold in the U.S. in 2010.
Rumours are told about a number of new models planned for the company, including a ForTwo +2 as well as a five-door hatch cut off. Hit the jump for the full press release and the company's letter to current owners. Thanks for the tip, Vince!
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