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Daimler, BYD to Expand Denza Brand EV Lineup in China
Daimler AG and BYD Co. Ltd. plan to broaden their 5-year-old partnership to market electric cars in China under the Denza brand, says BYD Chairman Wang Chuanfu.
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Daimler AG and BYD Co. Ltd. plan to broaden their 5-year-old partnership to market electric cars in China under their Denza brand, says BYD Chairman Wang Chuanfu.
Wang tells reporters the companies will collaborate to develop an unspecified number of additional EVs.
BYD and Daimler formed a 50:50 venture, Shenzhen Denza New Energy Automobile Co., in 2014. The company, which has been unprofitable, currently offers one model: the five-passenger, battery-powered Denza EV sedan (pictured).
BYD and Daimler agreed in May to each invest an additional 500 million-yuan ($76 million) in their venture, thereby raising the venture’s capitalization to 3.4 billion yuan ($510 million).
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