BYD and Daimler reached an equity transfer agreement, and BYD will hold 90% of Denza's shares

Picture, text/ Yangcheng Evening News all-media reporter Qi Yaoqi

On December 24, BYD Automotive Industry Co., Ltd. and its German partner Daimler Greater China Investment Co., Ltd. signed an equity transfer agreement to adjust the structure of its joint venture Shenzhen Denza New Energy Automobile Co., Ltd. (hereinafter referred to as "Denza") to complete the equity transfer between the two parties in Denza.

Upon completion of the transfer, BYD and Daimler will hold 90% and 10% of Denza's shares, respectively. The matter is subject to the approval of the relevant regulatory authorities and is scheduled to be completed by mid-2022. Daimler will continue to support Denza's continued development as a shareholder. BYD and Daimler will continue to advance their partnership.

BYD and Daimler have a long-term cooperation in the Chinese market. In 2010, the two sides signed an agreement on the establishment of a 50:50 R&D technology joint venture "Shenzhen BYD Daimler New Technology Co., Ltd." to develop and produce new energy vehicles in China and For China. The joint venture launched a brand new model under the brand name "Denza", which is the first Sino-foreign joint venture in China to focus on new energy vehicles.

BYD said that Daimler is committed to accelerating the development of the Denza brand in the fast-growing Chinese new energy vehicle market. The Denza brand will launch new models in the Chinese market in 2022 to further expand the market.

At present, BYD's new energy vehicle footprint covers more than 300 cities in 6 continents and more than 50 countries and regions around the world, and has successively launched core technologies such as blade batteries, DM-i super hybrid, and e-platform 3.0 to promote the high-quality development of the industry.

In July this year, Daimler announced that it will be fully prepared for "full electric power" by 2030, subject to market conditions. China plays a key role in Daimler's accelerated electrification strategy. As of 2021, Daimler has launched four Mercedes-EQ pure electric models in China, three of which are locally produced. (For more news, please pay attention to Yangcheng Pie pai.ycwb.com)

Source | Yangcheng Evening News Yangcheng Pie

Editor-in-charge | Xue Renzheng