BYD takes control of the consortium with Mercedes – Benz in China

The Chinese car industry took full control of a consortium it had in with Mercedes – Benz, as an increasing number of foreign car manufacturers restrict their exposure to the largest car market in the world. According to Bloomberg, BYD acquired the remaining 10% of the shares that it did not already own in a company created to market the brand premium electric vehicles Denza, as announced late yesterday (16.9.2024). This move ends a 13-year partnership and comes at a time of increased trade tensions between China and Europe, as the European Commission processes the imposition of additional duties on Chinese electric cars, up to 36.3%. The Member States’ vote on the proposal is scheduled for next week. Denza, which was incorporated as Shenzhen BYD New Energy, was founded by BYD and Mercedes in 2011, with a membership rate of 50% each. The business focused on premium EVs, but low sales led Mercedes, then known as Daimler, to reduce its share to 10% in 2021. After an update of her strategy the following year, Denza gained popularity through the luxury minivan D9, which was ranked as the best in sales in the category for 2023. According to local media reports, Denza is to launch the Z9GT model later this week with a pre-sale price starting at 339,800 wan ($47,900).