Tepid demand for Denza cars and the venture’s weak profitability have been a concern at Daimler for years, even as sales for its Mercedes luxury vehicles continued to surge in China.
FRANKFURT: Daimler AG will slash its stake in the Denza electric-car joint venture with China’s BYD Auto Industry Co following years of weak sales for the brand.
BYD will own 90% of the business and Daimler 10% after an equity transfer the companies plan to complete in mid-2022, the Mercedes-Benz maker said.
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