Automotive Dec 27, 2021 11:49 AM (GMT+8) · EqualOcean
On December 24, Daimler and BYD signed an equity transfer agreement on the future structure of its joint venture Tengshi. According to the agreement, both partners intend to complete the equity transfer in Tengshi. After the equity transfer, Daimler and BYD will hold 10% and 90% of Tengshi respectively. Relevant matters need to be approved by relevant regulatory authorities and are planned to be completed in mid-2022. After completing the equity change, Daimler and BYD hope to speed up the development of Tengshi brand in the Chinese market. Tengshi brand will launch new models in 2022, and relevant operation teams will continue to provide relevant services to existing customers. In 2010, Daimler and BYD signed an agreement on establishing a 50:50 R & D technology joint venture "Shenzhen BYD Daimler New Technology Co., Ltd." to develop and produce new energy vehicles for China. The joint venture launched a new model with the brand of "Tengshi", which is the first Sino foreign joint venture focusing on new energy vehicles in China.

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