BLOOMFIELD HILLS, Mich. -

smart USA and Nissan announced Wednesday that they are collaborating on a new vehicle to offer for sale in the United States.

Company executives revealed a memorandum of understanding has been signed that indicates smart USA will obtain the rights to procure and distribute a five-door, gasoline powered, B-segment vehicle from Nissan. The unit would go up for sale through the smart USA retail dealership network in the United States.

Officials expect this vehicle to be available in dealership showrooms by the fourth quarter of next year.

Management of smart USA, the wholly owned subsidiary of Penske Automotive Group, refused to divulge further details of the memorandum, only adding completion of the transaction is subject to customary conditions including the completion of definitive agreements.

Jill Lajdziak, smart USA president, emphasized, “The new vehicle will expand smart USA’s product lineup, offering five-seat capacity while maintaining the core principles of efficiency and conservation.”

“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,” Group chairman Roger Penske declared.