Mercedes-Benz officially withdrew from Tengshi and became a wholly-owned subsidiary of BYD.

　　On September 14th, Mercedes-Benz officially withdrew from the shareholders of Tengshi Automobile, and its 10% equity of Tengshi Automobile was officially transferred to.This means that Tengshi Automobile has become a wholly-owned subsidiary of Group Holding. According to the plan, Tengshi Automobile’s equity adjustment will be completed within this year. In the future, Tengshi Automobile does not rule out cooperation with Mercedes-Benz in other sections.

　　In 2010, Tengshi Automobile was established with Mercedes-Benz holding 50% shares respectively. At the beginning of its establishment,The automobile market environment is not yet mature, and the development of Tengshi automobile is not smooth. From 2014 to 2018, Tengshi Automobile successively released Tengshi 300, Tengshi 400 and Tengshi 500, a total of three models, but the sales volume has been poor. In 2018, Tengshi only sold 1,974 vehicles, down 58.12% year-on-year. In the past five years, Tengshi has been relying on the "blood transfusion" of both shareholders to survive. Both shareholders have increased their capital seven times, and the accumulated capital increase has exceeded 4 billion yuan.

　　At that time, Tengshi sales channels were divided into joint distributors and franchised distributors, totaling over 50. Due to factors such as insufficient output and sales volume, Tengshi’s dealers are facing greater operational challenges. Therefore, since July 1, 2019, Mercedes-Benz has been officially responsible for Tengshi sales, marketing and brand communication, customer service and network development. However, Tengshi, as a joint venture brand, has never been able to boost sales and its brand awareness is not high.

　　Until 2021, Tengshi Automobile ushered in a turning point. In December of that year, BYD expanded its shareholding in Tengshi, and the shareholding ratio increased from 50% to 90%, while the shareholding ratio of Mercedes-Benz decreased to 10%. At this point, BYD started the all-round reform of Tengshi automobile technology, products and channels, and positioned Tengshi automobile.Brand.

　　According to the brand matrix layout, Tengshi Automobile aims at the passenger car market in the range of 300,000 yuan to 800,000 yuan, which needs to play a key role in the BYD brand matrix.

　　In August 2022, Tengshi D9 was officially listed, and the starting price fell within the range of 320,000 yuan, becoming the main sales force of Tengshi Automobile. In 2023, the cumulative sales volume of Tengshi automobile reached 127,800, and Tengshi D9 accounted for more than 93% of the total sales volume. According to the latest data, from January to August 2024, Tengshi Automobile sold a total of 79,894 vehicles, of which Tengshi D9 sold about 71,200 vehicles, down 8.8% compared with 77,900 vehicles last year.

　　At present, the competition in MPV market is becoming more and more fierce. In August, in the top 10 MPV sales list, independent brands occupied 6 seats, and Tengshi D9′ s total sales volume was 9,181, ranking first, Chuanqi E8, Lantu Dreamer,009 and other independent brands.The model B was changed to the market, and the sales volume increased steadily. At the same time, joint venture models such as Saina, Buick GL8 and Grevia closely followed Tengshi D9 sales. In that month, Tengshi D9 DM-i sold 8722 vehicles and Saina sold 8107 vehicles, a difference of 615 vehicles.

　　In addition to selling the main MPV models, Tengshi has successively launched SUV models such as N7 and N8. The total sales volume of N7 and N8 models from January to August this year was about 8,600, accounting for about 10% of the total sales volume of Tengshi vehicles. In order to boost sales, Tengshi Automobile continued to launch products this year. Tengshi Z9 will be launched on September 20th, with the goal of seizing 30% of the market of "56E" (BMW 5 Series, Audi A6 and Mercedes-Benz E-Class). In 2024, Tengshi Automobile set a sales target of 200,000 vehicles, and 40% of the target has been completed. This year, Tengshi Automobile has opened the dealer joining mode and intends to explore the secondary and tertiary markets. In the remaining four months, it remains to be seen whether Tengshi can achieve its annual sales target.