BYD has purchased the remaining 10 % of Denza from Mercedes-Benz, after growing its stake from 50 % to 90 % in 2022.
BYD (HKG: 1211, OTCMKTS: BYDDY) has achieved full management of premium new power automobile (NEV) model Denza, after growing its stake within the three way partnership with Mercedes-Benz to 90 % in 2022.
Denza’s working entity, Shenzhen Denza New Power Automotive Co Ltd, noticed a change in shareholder data on September 14, with Mercedes-Benz dropping out and BYD changing into the only shareholder, in accordance with China’s Nationwide Enterprise Credit score Info Publicity System.
A Mercedes government, Hans Georg Engel, withdrew from Denza’s listing of administrators, in accordance with the database data.
Which means BYD has purchased the remaining 10 % of Denza from Mercedes, after growing its stake from 50 % to 90 % in 2022.
Denza was initially based in February 2011 as a 50-50 three way partnership between BYD and Daimler, China’s first Sino-foreign three way partnership centered on NEVs. In February 2022, the Daimler model was rebranded as Mercedes-Benz.
Denza initially launched the Denza 300, Denza 400, and Denza 300, three battery electrical automobile (BEV) fashions, and the Denza X hybrid SUV (sport utility automobile). Gross sales of those early Denza fashions, which at the moment are discontinued, have been weak and the model was not well-known.
On January 24, 2022, BYD mentioned in an announcement that it had signed an fairness switch settlement with Daimler for Denza, which might improve BYD’s stake within the firm to 90 % and scale back Daimler’s stake to 10 %. The deal closed in mid-2022.
BYD relaunched the Denza model in mid-2022 and unveiled the D9 MPV (multi-purpose automobile) on Might 16, 2022, as the primary mannequin of the up to date model.
Denza D9 was formally launched on August 23, 2022, and deliveries started on October 25 of the identical yr.
Denza subsequently launched two extra SUVs, the N7 and N8, however their contribution to the model’s gross sales was restricted.
Within the January-August interval of this yr, Denza bought 79,894 items and the D9 contributed 71,342 items, or 89 %, in accordance with information compiled by CnEVPost.
Since March 2023, month-to-month gross sales of the Denza D9 have mainly been round 10,000 items.
Denza will formally launch the tri-motor Denza Z9GT on September 20, and the mannequin may have a pre-sale value of RMB 339,800 ($47,900).
($1 = RMB 7.0937)
Regulatory submitting: BYD Denza recordsdata for Z9 sedan
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