Hyperdrive
BYD Takes Full Control of Mercedes-Benz Venture in China
- BYD wholly owns Denza brand after buying remaining 10% stake
- Split comes during fraught tensions between China and Europe
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Chinese automaker BYD Co. has moved to fully control a joint venture it had in China with Mercedes-Benz Group AG, as an increasing number of foreign carmakers dial back their exposure to the world’s biggest auto market.
BYD has acquired the remaining 10% of shares it didn’t already own in a company set up to market the Denza premium electric vehicle brand, according to a statement late Monday that didn’t provide a value for the deal. Representatives for Mercedes-Benz in China declined to comment.