China’s BYD and Daimler will put more money behind their joint electric vehicle venture Denza in China as they increase their investment. Both will add another 400 million RMB, (about 53M euros) in order to build on production and service.
The total of 800 million yuan or over 100 million euros serves BYD and Daimler to increase their efforts in selling upmarket electric cars in China. Their 50:50 joint venture Shenzhen Denza New Energy Automotive Co., Ltd., or Denza in short, was founded in 2010 and has since catered its electric cars to the PRC exclusively.
The first model, the all-electric Denza 500 received an upgrade very recently. A new battery designed and built by BYD as well as further weight reductions extended the range of the electric car to around 500 km. From Mercedes comes the EV’s architecture, most visibly “tiger eye” LED headlights, the absence of a radiator grill, and rippling LED taillights.
This latest investment is said to increase sales of above car and to also expand the service network, as it is to tie into Mercedes’ strategic dealer group and their multiple dealer shop, sales and service network.