BEIJING (Reuters) - Daimler AG (DE:DAIGn) and its Chinese partner BYD Co (OTC:BYDDF) Ltd have signed an equity transfer agreement to restructure their China EV venture Denza, Daimler (OTC:DDAIF) said on its company website.
Daimler said its holdings in Denza will be reduced to 10%, and BYD will hold the remaining 90% equity interest after the transfer.
BYD is currently boosting premium electric models to compete with Nio (NYSE:NIO) and Tesla (NASDAQ:TSLA).