Ford Reveals All-Electric Explorer SUV For The European Market

More

New Kia Concept EV5 previews all-electric SUV for Chinese market

More

The Volkswagen ID. 2all previews sub-25,000 euros electric car

More

The Kia EV9 all-electric SUV revealed

More

Truemag

  • Electric Car News
  • Electric Car Reviews
  • Plug-in Hybrids
  • Technology
  • Home
  • About Us
  • Privacy Policy
  • Advertise
  • Charging Map

Daimler and BYD agree on future setup of DENZA joint venture

German luxury automaker Daimler and its long-term Chinese partner BYD Auto signed an equity transfer agreement to realign the structural setup of their joint venture Shenzhen DENZA New Energy Automotive Co., Ltd. (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. As a pioneer of new energy vehicles (NEVs), DENZA made robust progress thanks to joint efforts from both shareholders. The strong support in operations by BYD will facilitate the future success of DENZA, while Daimler stays committed as a shareholder. Both Daimler and BYD remain dedicated to their successful long-term partnership.

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.

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., Ltd. (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 from an international carmaker and a local carmaker focused purely on NEVs.

Since the market launch of the first vehicle, the DENZA brand has built a solid reputation among customers in China with reliable, high-quality products. Through the development of the DENZA brand, both Daimler and BYD gained valuable experience and customer insights in the China’s high-end NEV market, the largest and the most dynamic in the world.

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 it 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.

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 mobility and transportation sector, aiming to “Cool the Earth by 1°C”.

Dec 26, 2021Blagojce Krivevski
BYD enters electric truck market in HungaryThe high-voltage battery in the Audi RS Q e-tron
You Might Also Like
 
Daimler starts construction of second battery factory in Kamenz
 
BYD ADL receives order for 172 electric buses from First Bus and Stagecoach
Blagojce Krivevski

Blagojce Krivevski is physicist and green technology lover. Keep in touch with Blagojce through his email, web site, Twitter, Linkedin, Facebook and Google+.

December 26, 2021 Electric Car NewsBYD, daimler, DENZA
Follow Us
  • facebook
  • twitter
  • google-news
  • linkedin
  • youtube
  • instagram
  • rss
Recent News
LG Energy Solution to Invest $5.5 Billion to Build Battery Manufacturing Complex in Arizona
March 27, 2023
Design details of the all-new smart #3 unveiled ahead of Shanghai debut
March 27, 2023
Fisker Ocean Extreme achieves a combined WLTP range of up to 707 km, exceeding previous estimates
March 27, 2023
All-electric Porsche Cayenne to be built in Bratislava
March 27, 2023
Pininfarina involved in the design of Izera electric cars
March 27, 2023
About
ElectricCarsReport.com ElectricCarsReport.com is a website dedicated to pure electric vehicles and the full range of consumer information and tools about electric cars, green technology energy, and the environment.
Latest News
LG Energy Solution to Invest $5.5 Billion to Build Battery Manufacturing Complex in Arizona
March 27, 2023
Design details of the all-new smart #3 unveiled ahead of Shanghai debut
March 27, 2023
Fisker Ocean Extreme achieves a combined WLTP range of up to 707 km, exceeding previous estimates
March 27, 2023
Get in touch

Email: [email protected]

Get new stories by email:
Archives
  • facebook
  • twitter
  • google-news
  • linkedin
  • youtube
  • instagram
  • rss
DMCA.com
© ElectricCarsReport.com | All Rights Reserved.