BYD takes control of Mercedes venture in China

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. — Reuters

Beijing: 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 (EV) brand, according to a statement late Monday that didn’t provide a value for the deal.