Memorandum of Understanding Signed to Expand smart USA Product Lineup
smart USA and Nissan to Collaborate on New Vehicle for the U. S. Market
Bloomfield Hills, Mich., (October 6, 2010) – smart USA Distributor LLC (“smart USA”), a wholly-owned subsidiary of Penske Automotive Group, Inc. (NYSE: PAG), announced today the signing of a Memorandum of Understanding (“MOU”) with Nissan Motor Co., Ltd. (“Nissan”) for the collaboration of a new vehicle for sale in the United States.
Pursuant to the terms of the MOU, smart USA would obtain the rights to procure and distribute a five-door, gasoline powered, B-segment vehicle from Nissan for sale through the smart USA retail dealership network in the United States. The new vehicle is expected to be available for retail sale in the fourth quarter of 2011. A sketch of the proposed vehicle can be viewed at the smart USA Media Newsroom.
smart USA President Jill Lajdziak said, “The new vehicle will expand smart USA’s product lineup, offering five-seat capacity while maintaining the core principles of efficiency and conservation.”
Penske Automotive Group Chairman Roger Penske added, “We are proud to be a partner with both Daimler and Nissan, two companies focused on bringing high-quality, fuel efficient products to the U.S. market.”
Further details of the non-binding MOU are not being released at this time. Completion of the transaction is subject to customary conditions, including the completion of definitive agreements.