German carmaker Daimler is significantly reducing its share in its electric car joint venture with Chinese partner BYD. BYD Auto Industry will in the future hold 90 percent of their venture Denza, a statement from Daimler announcing the restructuring said.
The Stuttgart-based company will hold the remaining 10 percent. The equity transfer is expected to be completed in mid-2022.
Denza, based in the Chinese city of Shenzhen, was founded as a 50-50 venture in March 2012. The brand is focused on luxury vehicles. "In 2022, Denza will introduce new models to the Chinese market and seek further growth opportunities," the statement said.
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