Mercedes-Benz no longer has any stake in Denza, the luxury brand it founded with BYD in China in 2010.
The Chinese group, the world’s largest manufacturer of electric vehicles, will acquire the remaining 10% of Denza’s shares that were still in the “hands” of Mercedes-Benz.
According to the Chinese economic news portal “Yicai“, citing sources from BYD, the Chinese company is awaiting regulatory approval and expects the transaction to be completed during the second half of the year.
The corporate information platform Tianyancha shows Denza as a wholly-owned subsidiary of BYD since September 14, and also indicates that Mercedes-Benz executive Hans Georg Engel has already left the management of the subsidiary.
The Chinese company does not rule out the possibility of Denza collaborating with Mercedes-Benz in other sectors in the future, and the group may also seek new cooperation opportunities with the German automaker in the electric vehicle segment.
BYD and Daimler founded Denza in 2010 as a 50-50 subsidiary, with the Chinese company providing batteries, motors, and electric control technologies, while the German company was responsible for manufacturing the cars.
The company’s first model, the Denza 300, hit the market in 2014, but its annual sales did not exceed three thousand units between 2015 and 2018.
In mid-2022, BYD completed the acquisition of a 40% stake, taking control of the subsidiary and leaving Mercedes-Benz with 10%.
After launching the luxury MPV D9 and the SUVs N7 and N8, Denza’s sales surpassed 127,000 units in 2023, totaling nearly 80,000 units in the first eight months of this year.
