BYD Moves To Full Control Of Mercedes-Benz Venture In China

(Bloomberg) -- 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.

The move ends a 13-year partnership and comes during a time of heightened trade tensions between China and Europe as the European Commission works to impose additional tariffs on Chinese EVs of up to 36.3%. A vote by member states on the proposal is planned for next week.