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Chinese carmaker Geely has taken a 50% stake in Smart from Daimler.
As part of the deal a new generation of smart electric models will be assembled at a new electric car factory in China with sales due to begin in 2022.
The Smart product range is also to be extended into the Fiesta class B-segment.
The board of directors of the new smart joint venture will be made up of six executives with equal representation from both parties.
The new generation of smart vehicles will be styled by the worldwide Mercedes-Benz Design network with engineering from Geely global engineering centres.
Prior to the launch of new models from 2022 onwards, Daimler will continue to produce the current generation of smart vehicles in its Hambach plant France (smart EQ fortwo) and at Novo Mesto (Slovenia, smart EQ forfour).
The joint venture is expected to be finalised by the end of 2019. Financial terms of the smart joint venture have not been disclosed.