Daimler, BYD to restructure China EV venture Denza

  • Reuters
  • Stock Market News
Daimler, BYD to restructure China EV venture Denza
Credit: © Reuters.

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

© 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

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 and Tesla (NASDAQ: TSLA ).

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