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Daimler, BYD to restructure China EV venture Denza -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: This is a woman walking past the BYD signs at the 2nd media day held for Shanghai’s auto show, Shanghai, China on April 17, 2019. REUTERS/Aly Song

BEIJING (Reuters). Daimler AG (DE) and BYD Co (OTC) Ltd, its Chinese partner, have entered into an equity transfer arrangement to restructure China’s EV-venture Denza. Daimler (OTC) posted the agreement on its website.

Daimler stated that its stake in Denza would be reduced by 10% and BYD would retain the remaining 90% equity after the transfer.

BYD currently boosts premium electric models in order to compete against Tesla (NASDAQ:) or Nio (NYSE.

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