Reported 22 days ago
Chinese automaker BYD has acquired full control of its joint venture with Mercedes-Benz in China by purchasing the remaining 10% stake in Denza, a company that focuses on premium electric vehicles. This acquisition ends a 13-year partnership amid rising trade tensions between China and Europe, with Denza having recently regained traction with its luxury vans. The venture, established in 2011, struggled with sales, prompting Mercedes to reduce its stake to 10% in 2021.
Source: YAHOO