Denza is China's first Sino-foreign joint venture focused on new energy vehicles, established in 2010 by BYD and Daimler.
Recently, BYD and Daimler jointly announced that in order to promote the better and faster development of the Denza brand, they intend to increase the capital of its joint venture company Denza by 1 billion yuan each. The two sides will also adjust Denza's future equity. After the completion of the equity adjustment, BYD and Daimler will hold 90% and 10% of Denza shares, respectively.
The equity adjustment is subject to approval by the relevant regulatory authorities, and Denza said it plans to complete it in mid-2022.
It is understood that the shareholders' increase in holdings and equity transfers for Denza aims to make BYD invest more resources and core technologies in denza's business, and help Denza to a new level in product research and development, intelligent manufacturing, channels and sales services. In the future, DENZA will also become another major automotive business sector of BYD after Dynasty Network and Ocean Network.
It is worth mentioning that while BYD has given greater support to Denza in operation, Daimler will continue to support the sustainable development of Denza as a shareholder, and the two sides have further deepened their long-term partnership.
This is also reflected in the promotion plan of new vehicles, and Denza expects to launch three highly competitive new models in the Chinese market in the next two years, including MPVs and SUVs, all of which are new energy vehicles.
Denza X, a model on sale
In terms of personnel structure, Ai Fengjie Alex Ai will continue to serve as CEO of Shenzhen Denza New Energy Automobile Co., Ltd., and Zhao Changjiang will serve as the general manager of Denza's sales division.
Both BYD and Daimler are automotive companies that firmly practice the new energy strategy, and China's new energy vehicle market is in a stage of rapid growth, and the Denza brand is expected to further develop the market in the future.