Daimler Greater China Ltd. and its long-term Chinese partner BYD Auto Industry Co., Ltd. (BYD) signed an equity transfer agreement to realign the structural setup of their joint venture Shenzhen DENZA New Energy Automotive Co., Ltd. (DENZA).
Both partners intend to complete an equity transfer in DENZA. Following the equity transfer, Daimler will hold an equity interest of 10% and BYD will hold 90% equity interest. The equity transfer is subject to regulatory approvals and is planned for mid of 2022. As a pioneer of new energy vehicles (NEVs), DENZA made robust progress thanks to joint efforts from both shareholders. The strong support in operations by BYD will facilitate the future success of DENZA, while Daimler stays committed as a shareholder. Both Daimler and BYD remain dedicated to their successful long-term partnership.
Daimler and BYD aim to accelerate the development of DENZA in China’s fast-growing NEV market. In 2022, DENZA will introduce new models to the Chinese market and seek further growth opportunities. The DENZA operation team will ensure that existing customers continue to enjoy relevant customer services.
Daimler and BYD have been long-term partners in the Chinese market. In 2010, both companies signed the contract for the 50:50 research and technology joint venture BYD Daimler New Technology Co., Ltd. (BDNT) with the goal to develop and produce NEVs in and for China. The vehicle was marketed under the new DENZA brand owned by BDNT. It was the first joint venture from an international carmaker and a local carmaker focused purely on NEVs.