BEIJING — Daimler and its Chinese language accomplice BYD have signed an fairness switch settlement to restructure their China EV enterprise Denza.

Daimler mentioned its holdings in Denza will probably be decreased to 10 %, and BYD will maintain the remaining 90 % fairness curiosity after the switch.

In 2022, Denza will introduce new fashions to the Chinese language market and search additional progress alternatives, Daimler mentioned in a press release on Thursday.

BYD is at present boosting premium electrical fashions to compete with Nio and Tesla.