Daimler, BYD to restructure China EV venture Denza
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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
BEIJING (Reuters) - Daimler AG 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.
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.
(Reporting by Hong Kong newsroom; Editing by Kirsten Donovan)
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