Mercedes-Benz has sold its remaining 10% stake in its electric vehicle (EV) joint venture with BYD, ending a 13-year partnership. This move grants BYD full control of the Denza brand, which focuses on luxury EVs in China. New Delhi: Mercedes-Benz officially exits the electric vehicle (EV) joint venture with Chinese automaker BYD, ending a 13-year partnership.
The German luxury carmaker has sold its remaining 10% stake in the joint venture, handing full control of the Denza brand to BYD. The sale comes after Mercedes-Benz reduced its stake in the venture back in 2021, reflecting ongoing challenges in the luxury EV market in China. While the financial details of the deal have not been disclosed, this move signals a shift in strategy for both automakers.
Denza, the brand formed under the joint venture, was established in 2011 as Shenzhen BYD New Energy Co., with both Mercedes-Benz and BYD initially holding equal stakes. The venture aimed to manufacture high-end electric vehicles tailored for the Chinese market.
However, disappointing sales figures over the years prompted Mercedes-Benz to reduce its involvement, ultimately leading to its complete exit. Despite the German automaker’s withdrawal, Mercedes-Benz has clarified that its technology has not been integrated into current Denza models. BYD, now the sole owner of Denza, is moving ahead with the launch of its Z9GT model, set to debut for $47,900.
The company has seen moderate success with the D9 minivan, which became the be.