BYD will increase investments to joint venture with Daimler electric cars

BYD announced that its Board of Directors agreed with the decision of BYD Auto Industry Company Limited, its subsidiaries, to invest 200 million yuan as registered capital in Shenzhen, the company DENZA New Energy Automotive (DENZA), a company created in partnership with Daimler.

After the capital increase, the share of BYD Auto Industry Company Limited in DENZA will remain at 50%.

A subsidiary of BYD company invested 500 million yuan in DENZA in may 2017, which are mainly used as operating capital for the joint venture and in order to obtain subsidies for business operations DENZA according to adjustments in the national policy of subsidizing electric vehicles. The last capital increase demonstrates the confidence of BYD in the future development of the joint venture.

Electric vehicle Denza 500 for the Chinese market © media.daimler.com

26 March 2018 Daimler and BYD Auto Industry Company Limited has launched a new DENZA electric vehicle 500 from the company DENZA. Developed and manufactured in China, the new DENZA 500 offers Chinese customers a comprehensive update of the exterior design and increased cruising range on a single charge.

BYD said in may last year that the company and Daimler Greater China will invest 400 million yuan in DENZA to improve the ratio of assets and liabilities of the joint venture and to expand its sales network.

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