Daimler, BYD to restructure China EV venture Denza By Reuters

December 24, 2021 admin Stock News 0

© Reuters. FILE PHOTO: A woman walks past a BYD sign at the second media day for the Shanghai auto show in Shanghai, China April 17, 2019. REUTERS/Aly Song

BEIJING (Reuters) – Daimler AG (DE:) and its Chinese partner BYD Co (OTC:) Ltd have signed an equity transfer agreement to restructure their China EV venture Denza, Daimler (OTC:) said on its company website.

Daimler said its holdings in Denza will be reduced to 10%, and BYD will hold the remaining 90% equity interest after the transfer.

BYD is currently boosting premium electric models to compete with Nio (NYSE:) and Tesla (NASDAQ:).

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