Tianqi has acquired a 2.83 percent stake in Smart, giving the Mercedes-Geely JV a valuation of $5.3 billion.

Deliveries of the Smart #1 have already begun in Germany and France, and there are plans to make it available for delivery in other European markets, according to Tianqi's announcement.

The stake in Smart is the latest move by Tianqi to expand its presence in the EV chain.

In August 2022, Tianqi formed a joint venture with Nio's semi-solid-state battery supplier Beijing WeLion New Energy Technology, which is involved in materials research and development and power battery recycling.

A Shenzhen-based subsidiary of Tianqi holds a 58.5 percent stake in the joint venture, with WeLion holding 41.5 percent, information from data provider Tianyancha showed.

WeLion began delivering 360 Wh/kg semisolid battery cells to Nio on June 30, and held a delivery ceremony in Huzhou, Zhejiang province, where its manufacturing base is located.

Smart begins Smart #3 deliveries in China 20 days after launch