BEIJING — Daimler and its Chinese partner BYD have signed an equity transfer agreement to restructure their China EV venture Denza.
Daimler said its holdings in Denza will be reduced to 10 percent, and BYD will hold the remaining 90 percent equity interest after the transfer.
In 2022, Denza will introduce new models to the Chinese market and seek further growth opportunities, Daimler said in a statement on Thursday.
BYD is currently boosting premium electric models to compete with Nio and Tesla.
This article was originally published by Autonews.com. Read the original article here.