BYD announced on Friday evening that it and Daimler AG will add 860 million Yuan to the registered capital of their joint venture based in Shenzhen, raising bet on electric cars in China.
Each of the two sides will contribute 430 million Yuan, boosting the registered capital to 2.36 billion Yuan.
The 50:50 joint venture, called Shenzhen BYD Daimler New Technology Co., Ltd., was founded in 2010 to focus on developing pure-electric cars in China. It launched the brand DENZA on March 30, 2012, and showcased a concept EV in the following month at the Beijing auto show (as in the pic). The first production car bearing the DENZA logo, based on the concept, will reportedly be positioned above the BYD e6, with which it will share some key technologies (although the two will be built on separate production lines in BYD’s Shenzhen factory). It is expected to appear at the 2013 Shanghai auto show, and to hit the market towards the year end.
Financial data from BYD showed that the joint venture had total assets of 1.695 billion Yuan and a debt of 335 million Yuan at the end of 2012.