(Yicai) Sept. 18 -- China’s BYD plans to gain full control of Denza, its premium electric vehicle joint venture with Germany’s Mercedes-Benz Group, solidifying its position as a major player in the top end of the new energy vehicle market.

BYD is awaiting regulatory approval to acquire the last 10 percent of Denza that it does not already own in a deal that is expected to complete before the end of the year, Yicai learned from the Shenzhen-based company.

According to data disclosed on corporate information platform Tianyancha on Sept. 14, Denza recently became a wholly-owned subsidiary of BYD, and Mercedes-Benz executive Hans Georg Eegel stepped down from Denza's board of directors.

Denza does not rule out the possibility of collaborating with Mercedes-Benz in other sectors in the future, BYD said, adding that it may also explore other cooperation opportunities in the field of electric cars with the Stuttgart-based carmaker.

Denza was founded in 2010 as a 50-50 JV between BYD and Mercedes-Benz's predecessor Daimler. The former was responsible for providing batteries, motors, and electric control technologies, and the latter for vehicle manufacturing.

Denza's first mass-produced model, the Denza 300, hit the market in September 2014. Its annual sales did not exceed 3,000 units between 2015 and 2018.

In July 2022, BYD purchased a 40 percent stake in Denza from Mercedes-Benz and appointed its Chairman Wang Chuanfu as the JV's new chairman, replacing Hubertus Troska. With this move, BYD took over Denza's operations.

In August of that year, Denza launched the D9, a large luxury multi-purpose vehicle priced between CNY329,800 and CNY459,800 (USD46,460 and USD64,775). It later released two sports utility vehicles, the N7 and N8.

Denza's sales totaled 127,253 units last year and 79,753 units in the first eight months of this year.

At the launch event for the Denza Z9 GT on Aug. 20, Wang said that Denza became a crucial link of BYD's brand matrix, as it integrates resources from the company's Dynasty, Ocean, and Fang Cheng Bao series and provides a solid foundation for its high-end brand Yangwang.

Editor: Futura Costaglione