Chinese auto giant fully takes over joint factory with Mercedes-Benz.
Chinese automaker BYD Co. has fully acquired a joint venture with Mercedes-Benz AG group in China, Bloomberg reports.
BYD acquired the remaining 10% of Mercedes-Benz shares in the company, which was created to promote the Denza brand of electric vehicles.
This move marks the end of a 13-year partnership and comes amid increasing trade tensions between China and Europe, as the European Commission plans to impose additional tariffs on Chinese electric vehicles, which could reach up to 36.3%.
Denza was founded by BYD and Mercedes in 2011, with each partner holding a 50% stake. Denza specialized in the production of premium electric vehicles, but low sales led Mercedes (formerly known as Daimler) to reduce its stake to 10% in 2021.
Next year, Denza plans to revise its strategy and launch the luxury minivan Z9GT at a price from 339,800 yuan ($47,900).
Source: Economic Truth
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