February 28, 2024

Daimler and BYD sign agreement to promote new energy vehicles at DENZA

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Daimler Greater China (Daimler) and its long-term Chinese partner BYD Auto Industry (BYD) signed an equity transfer agreement to realign the structural setup of their joint venture Shenzhen DENZA New Energy Automotive (DENZA). Both partners intend to complete an equity transfer in DENZA. Following the equity transfer, Daimler will hold an equity interest of 10% and BYD will hold 90% equity interest. The equity transfer is subject to regulatory approvals and is planned for mid of 2022.

The joint efforts of both shareholders is said to have aided Denza, a pioneer of new energy vehicles (NEVs), to make robust progress with BYD supporting in the operations and Daimler staying committed as a shareholder. Daimler and BYD aim to accelerate the development of DENZA in China’s fast-growing NEV market. In 2022, DENZA will introduce new models to the Chinese market and seek further growth opportunities. The DENZA operation team will ensure that existing customers continue to enjoy relevant customer services.

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Daimler and BYD have been long-term partners in the Chinese market. In 2010, both companies signed the contract for the 50:50 research and technology joint venture BYD Daimler New Technology Co (BDNT) with the goal to develop and produce NEVs in and for China. The vehicle was marketed under the new DENZA brand owned by BDNT. It was the first joint venture between an international carmaker and a local carmaker focused purely on NEVs. Through the development of the DENZA brand, both Daimler and BYD is said to have gained valuable experience and customer insights in China’s high-end NEV market, the largest and the most dynamic in the world.

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In 2019, Daimler was among the first auto companies to announce a comprehensive carbon neutrality plan that covers all stages of the automotive value chain. In July 2021, Daimler announced its plans to go “all electric” by the end of this decade, where market conditions allow. China plays a crucial role in accelerating this electrification strategy. In 2021, the company already offers four all-electric Mercedes-EQ models in China, three of which are locally produced. Together with its local partners including BYD, Daimler is confident in the growth potential of the NEV market in China.

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As one of the world’s leading new energy vehicle manufacturers, BYD announced the “7+4” Full Market EV Strategy, which helps to electrify the entire public transportation system. BYD’s new energy vehicles have been sold in more than 300 cities in over 50 countries and regions across 6 continents. BYD continues to push the boundaries of the EV industry with core technologies including the Blade Battery, DM-i super hybrid technology, and the e-Platform 3.0. Adhering to values of openness and sharing, BYD will cooperate with Daimler and other world-leading partners to transform energy consumption in the mobility and transportation sector, aiming to “Cool the Earth by 1°C”.

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