Daimler Cuts Stake in Chinese Electric Car Venture With BYD
(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.
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