After 13 years, Tengshi has officially transitioned from a joint venture brand between BYD and Mercedes-Benz to an independent brand.
According to recent information from Tianyancha, Shenzhen Tengshi New Energy Automobile Co., Ltd. (hereinafter referred to as "Tengshi Auto") has recently undergone a change in shareholding. The stake held by BYD's subsidiary, BYD Auto Industry Co., Ltd., has risen from 90% to 100%, with the subscribed capital increasing from 6.984 billion yuan to 7.76 billion yuan.
This means that the original 10% stake held by Mercedes-Benz (China) Investment Co., Ltd. has completely exited from Tengshi Auto. Former director and senior executive vice president of Mercedes-Benz (China) Investment Co., Ltd., Hans Georg Engel, has also departed from the Tengshi Auto board.
Tengshi Auto was established in 2011, originally with both BYD and Daimler holding 50% shares each, but its market performance has long been below expectations.
In 2021, Daimler Group announced the transfer of 40% of its shares in Tengshi to BYD. As a result, BYD's shareholding in Tengshi increased to 90%, while Mercedes-Benz's share decreased to 10%.
Since BYD took the lead in Tengshi's development, it has initiated comprehensive reforms in technology, products, and channels, launching the first model after the brand renewal, the Tengshi D9, followed by the Tengshi N7 and N8. Now, the fourth model under the Tengshi brand, the Z9 series, has also begun pre-sales.
BYD CEO Wang Chuanfu stated, "In BYD's automotive brand matrix, Tengshi has become an important bridge, connecting BYD's various major brands. On the lower end, it integrates resources and support from the Dynasty Network, Ocean Network, and Equation Leopard; on the upper end, it provides a solid foundation for high-end brand aspirations."
Data shows that Tengshi achieved sales of 9,989 vehicles in August this year, with a cumulative total of 79,894 vehicles sold in 2024. Among them, the cumulative sales of the Tengshi D9 have surpassed 200,000 units, making it the fastest to reach this sales milestone among new energy luxury MPVs.
