A joint venture between Mercedes-Benz and Geely, smart Automobile is blazing a trail in the increasingly competitive new energy vehicle market around the world.

The joint venture, established in 2019, saw its deliveries hit around 70,000 units in 2023. With a valuation of over $5 billion, it has also captured the attention of global investors, setting the stage for a promising and dynamic future.

With China and Europe as two of its most important markets, the carmaker has solidified its presence in 22 countries and regions around the world.

Tong Xiangbei, global CEO of the company, said, "2023 marked the 25th anniversary of the smart brand, as well as a milestone year of global operations."

"With the joint efforts of our global team, smart has reached new levels in global operations, R&D innovation, and product experience," he said.

After five years of growth, smart is well on its way to carve a niche among premium all-electric intelligent vehicles.

The growth momentum is expected to continue this year because of achievements from its comprehensive renewal campaign and the NEVs' growing recognition among car buyers.

NEV sales in China will grow 20 percent year-on-year to 11.5 million units in 2024, according to the Ministry of Industry and Information Technology.

Since the launch of the smart #1, its first model, in 2022, the company has wowed many, including its fans and industry observers.

As an example of its renewal, the model has sparked widespread interest and confidence in its future in the industry.

The company said it will launch an all-new model every year from 2022 to 2025, entering different segments.

Over the past years, the NEV market has seen rapid expansion, with significant market penetration in China and Europe.

This growth has been driven by a combination of factors including consumer awareness and demand for sustainable transportation, said analysts.

They added that technological improvements in battery efficiency and cost have made NEVs attractive to a broader range of consumers.

However, the surge in NEVs' popularity has led to a new wave of competition that has forced many to engage in a price war, which analysts say is detrimental not only to carmakers themselves but also the sector as a whole.

Mandy Zhang, global chief marketing officer of the company, said, "When times get tough, it's not just about adjusting policies, lowering prices and adding benefits. The challenge often lies in making strategic choices about what not to do."

Zhang said the company's vision is a long-term one. "We are not focused on short-term sales, but on achieving sustainable global development."

Besides its product plans, smart has partnered with high tech partners including AMD and Nvidia, which are expected to help explore the best solutions for future urban mobility.