Founded by Nicolas Hayek, CEO of SMH (creators of Swatch Watch) in 1980 Smart Automobile originally was developed under the name of "Swatchmobile." Nicolas Hayek’s private company Hayek Engineering AG designed the new two-seater. After a deal with Volkswagen to produce the first Smart Car fell through, Nicolas partnered with Daimler-Benz in 1994 to produce the first Smart Automobile under the Fortwo name. The first vehicle was completed in October 1998. Smart also produced an electric version of its Fortwo line. Smart cars are now being sold in Asia, Australia, Europe, North and South America.