Beijing (ZXZC)- Byd Auto Industry Company Limited, a subsidiary of BYD Company Limited, and Daimler Greater China Limited, signed an agreement for the stake transfer in Shenzhen DENZA New Energy Automotive Co., both parties announced today.

After the deal, BYD will have a stake of 90% in DENZA New Energy while Daimler will hold the rest 10%. The deal is expected to be closed in mid-2022 as it is subject to the approval by relevant regulators.  

Photo credit: Denza

In the future, BYD will provide more support to DENZA for its future success while Daimler will continue to support DENZA’s sustainable growth as its shareholder. Both shareholders will further enhance their fruitful long-term partnership.

BYD and Daimler will be committed to accelerating DENZA’s development in China’s new energy vehicle segment. DENZA brand plans to launch new models in 2022 to increase market share.

In 2010, BYD and Daimler set up a joint venture for technology development with each holding 50% stake. The joint venture is the first joint venture which focuses on new energy vehicles in China. The Denza brand from the joint venture targets at mid-high end new energy vehicle segment.

By the end of November 30, DENZA had a total of RMB2.11 billion worth of assets while the unaudited revenue for the Jan.-Nov. period this year amounted to RMB1.15 billion with a net loss of RMB150 million.