Caixin
Dec 25, 2021 05:31 PM
BUSINESS

Daimler Cuts Stake in Chinese Electric Car Venture With BYD

Tepid demand for Denza cars and the venture’s weak profitability have been a concern at Daimler for years. Photo:VCG
Tepid demand for Denza cars and the venture’s weak profitability have been a concern at Daimler for years. Photo:VCG

(Bloomberg) — Daimler AG will slash its stake in the Denza electric-car joint venture with China’s BYD Auto Industry Co. Ltd. following years of weak sales for the brand.

BYD will own 90% of the business and Daimler 10% after an equity transfer the companies plan to complete in mid-2022, the Mercedes-Benz maker said Friday. The 50-50 joint venture was started in March 2012.

You've accessed an article available only to subscribers
VIEW OPTIONS
Share this article
Open WeChat and scan the QR code