smart USA Distributor LLC, a wholly-owned subsidiary of Penske Automotive Group, Inc., announced Wednesday the signing of a memorandum of understanding with Nissan Motor Co. Ltd. for the collaboration of a new vehicle for sale in the United States.
Under 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 U.S. The new vehicle is expected to be available for retail sale in the fourth quarter of 2011.
"The new vehicle will expand smart USA's product lineup, offering five-seat capacity while maintaining the core principles of efficiency and conservation," smart USA President Jill Lajdziak said.
"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," Penske Automotive Group Chairman Roger Penske said.
Further details of the non-binding MOU were not released. Completion of the transaction is subject to customary conditions, including the completion of definitive agreements.