Analysis of the Potential Impact of smart's Charging Cooperation Disruption on Geely's High-End Electrification Strategy

Based on the information you provided and relevant data I have collected, I will conduct a systematic analysis for you. It should be noted that there are no detailed reports on the specific details of the disruption of smart’s cooperation with charging pile enterprises in public channels, but I can conduct an in-depth analysis combined with Geely Auto’s overall strategic layout.

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Based on the context you provided, smart has terminated its charging cooperation with multiple mainstream charging operators including Star Charge, TELD, and Xiaoju Charging, and relevant station resources have been removed from the charging map in the smart App. Insiders stated that the disruption may be related to financial pressure, and there will be no renewal of the cooperation.

From an industry perspective, such charging cooperation disruption events have multiple potential implications in the new energy vehicle industry:

: The cooperation between charging operators and automakers is usually based on commercial contracts, involving multiple dimensions such as fee settlement, revenue sharing, and service docking. The disruption of cooperation may stem from cost considerations and unsustainable business models [1].

: If there is indeed financial pressure, it will directly affect the user service experience and market competitiveness of electric vehicle brands that are in the product launch and market expansion phase [2].

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As an electric vehicle brand jointly owned by Geely Auto and Mercedes-Benz, the smart brand occupies a unique position in Geely’s overall strategic layout:

According to Geely Auto’s 2024 financial report and 2025 strategic plan, Geely has completed a major reorganization of its brand matrix, forming a clear structure where “Galaxy covers the mainstream market of RMB 100,000 to 300,000, Zeekr focuses on luxury electric vehicles priced above RMB 300,000, and Lynk & Co deepens its focus on sports technology” [3]. In this system, smart is mainly positioned in the

, forming a differentiated complement to Zeekr.

Currently, smart has launched a number of electric models including #1, #3, and #5, with its product matrix gradually improving. As the brand’s flagship model, the smart #5 has a limited-time guided starting price of RMB 229,900, focusing on the “luxury pure electric intelligent” positioning [4].

In May 2025, Geely announced the acquisition of all shares of Zeekr Intelligent Technology, achieving the full merger of Zeekr and Geely Auto. This integration led to a large-scale management restructuring, aiming to break down management barriers between Geely and Zeekr and accelerate the collaborative reuse of core resources such as technology, channels, and supply chains [5].

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: Charging service is an important part of the daily use of electric vehicle users. The disruption of cooperation will directly affect the user experience of smart owners, which may trigger user dissatisfaction and reputation risks.

: As a high-end electric brand, the lack of charging services creates a gap with the brand’s high-end positioning, which may weaken consumers’ confidence in the smart brand.

: In the high-end electric vehicle market priced above RMB 300,000, charging network coverage is one of the core competitive factors. The service disruption may damage smart’s competitiveness in this segment.

: Geely is promoting the “One Geely” strategy to integrate brand resources such as Zeekr and Lynk & Co. As an important part of Geely’s high-end electrification layout, smart’s operating status will affect the overall strategic synergy effect of the group.

: If smart is indeed facing financial pressure, Geely may need to reallocate resources within the group, prioritizing the funding needs of core businesses.

: The disruption of charging services may prompt smart to explore new service models, such as building its own charging network or partnering with new collaborators, which will affect the brand’s long-term development path.

: Geely’s high-end electrification strategy covers multiple brands such as Zeekr and smart. smart’s operating status will affect the integrity of Geely’s overall layout in the high-end electric vehicle market.

: As a global brand with German heritage, smart’s performance in the Chinese market will affect the shaping of Geely’s global brand image.

: Charging service is an important part of the new energy vehicle ecosystem. The charging cooperation issues of smart may prompt Geely to accelerate the construction of an independently controllable charging service ecosystem.

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According to Geely Auto’s 2024 financial report, the company’s cash reserve reached RMB 39.8 billion, a year-on-year increase of 40%, demonstrating strong financial strength and risk resistance capability [3]. In addition, Geely has completed the privatization merger of Zeekr, and the synergies after integration are expected to bring a 5%-8% reduction in BOM costs and a 10%-20% reduction in R&D investment [5].

From a group perspective, Geely has the resources and capabilities to provide necessary support to smart. However, whether it will make strategic adjustments or inject resources into smart still needs to be observed in future developments.

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For investors focusing on Geely Auto and its high-end electrification strategy, it is recommended to pay attention to the following key points:

: Pay attention to whether smart will launch new charging service solutions and whether Geely Group will adjust the strategic positioning of the smart brand.

: The release of synergies after the merger of Zeekr and Geely will be a key factor affecting the group’s overall competitiveness.

: Geely’s “Qianli Haohan” intelligent driving solution and AI strategy are being accelerated. Whether these technological advantages can be effectively transmitted to the smart brand will affect smart’s product competitiveness [3].

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The disruption of smart’s cooperation with charging pile enterprises (if true) reflects the challenges faced by new energy vehicle brands in operational efficiency and cost control. For Geely Auto, smart is an important layout in the high-end boutique electric compact car market, and the development of this brand will affect the integrity of Geely’s high-end electrification strategy.

However, based on Geely Auto’s strong financial strength, clear strategic planning, and active integration measures, it is expected that Geely has the ability to properly handle the problems faced by smart and integrate it into the group’s overall strategic framework for optimization and adjustment. The smart incident is more likely a localized challenge in Geely’s brand integration process rather than a strategic risk affecting the entire group.

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[1] Wall Street CN - “Geely Releases Strongest Annual Report in History: Strategic Transformation Leads the Intelligent New Energy Era” (https://wallstreetcn.com/articles/3743573)

[2] EET China - “2025 In-Depth Report on Geely Auto: “One Geely” Strategy Drives Cost Reduction and Efficiency Improvement” (https://www.eet-china.com/mp/a467144.html)

[3] Southwest Securities - “Benchmark of Independent Automakers, Accelerated Development of New Energy Intelligence” Geely Auto (0175.HK) Research Report (https://pdf.dfcfw.com/pdf/H3_AP202508071723177319_1.pdf)

[4] smart China Official Website (https://www.smart.cn/)

[5] Gasgoo Auto - “Top 10 Personnel Changes in the Automotive Industry, Insights into the Industry’s Anxiety and Endeavors | See 2025” (https://auto.gasgoo.com/news/202512/26I70440014C109.shtml)

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