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According to Tianyan check information, on September 14, Shenzhen Tengli New Energy Automobile Co., Ltd. changed its equity, and BYD Automotive Industry Co., Ltd. will buy back the remaining 10% of Mercedes-Benz (China) Investment Co., Ltd. Shenzhen Tengli New Energy Automobile Co., Ltd. is currently wholly owned by BYD Automotive Industry Co., Ltd. In addition, Hans Georg Eegel, a director of the company, withdrew; the company changed from "foreign company" to "company". In short, the momentum brand has officially changed from a Sino-foreign joint venture to a BYD wholly-owned holding enterprise. However, as of press time, Tengli Motor, BYD and Mercedes-Benz officials did not respond to the equity change.

Tengli Brand is a joint venture between BYD and Daimler to position high-end new energy vehicle brands, and the cooperation between the two sides can be traced back to 2010. In March of that year, BYD and Daimler signed a cooperation agreement to set up China's first new energy joint venture in Shenzhen with a 50% stake, and Daimler also took the opportunity to enter China's new energy market. Two years later, the Tengli brand was born, and the first concept car was unveiled at the 2012 Beijing International Auto Show. According to the agreement, the Tengli brand will be provided by BYD with Sandian technology, while Daimler will be responsible for the production of the whole vehicle. In September 2014, Tencent 300, the first production car, went public, and BYD Daimler New Technology Co., Ltd. changed its name to Shenzhen Teng Teng New Energy Automobile Co., Ltd.

As a joint venture brand, BYD is very optimistic about its development. At the beginning of the birth of the brand, Wang Chuanfu, chairman of BYD, said: "as the child of Daimler and BYD, momentum is a brand born on the shoulders of giants." And BYD and Daimler have also raised capital to Tengli New Energy for a total of six times, and within four years, Tengli has received a cumulative increase of 7.4 billion yuan from shareholders. But even so, the development of the momentum brand is still not satisfactory.

Data show that from 2015 to 2018, Teng Teng new energy sales were 2800, 2287, 4713 and 1974 respectively. In order to reverse the market situation of Tengli new energy, Tengli launched Tengli X in November 2019, with pure electric models priced at 31.98-357800 yuan and mixed models priced at 28.98-319800 yuan, but a series of measures failed to reverse the sales disadvantage. From 2019 to 2020, the sales volume was 2089 and 4175 respectively. In this context, BYD and Daimler resolutely decided to make important adjustments to the momentum of new energy.

In July 2022, a series of "reforms" took place in the dominant position of Tencent. Daimler announced its "withdrawal". BYD led the development of Tencent brand in an all-round way. BYD's shareholding in Tencent New Energy increased from 50% to 90%, while Daimler's stake in Tencent decreased to 10%. At the same time, the chairman of Tencent Automobile was changed from Hubertus Troska (head of Mercedes-Benz Greater China-Tang Shikai) to BYD Wang Chuanfu. The legal representative has also been changed from Hubertus Troska to Ai Fengjie. At this point, BYD took full control of Tengli Automobile, and Daimler shifted from strategic investment to assistance and support to a completely behind-the-scenes role, which also means that Tengli Automobile has completely put an end to the decade of car-building history dominated by Daimler.

After the brand is fully rejuvenated, Tengli Automobile focuses more on the new energy vehicle market and dominates the luxury route, providing only new energy luxury cars. BYD also places high hopes on it to assume the "high-end brand". In August 2022, Tengli D9, the first car refurbished by Tengli Automobile, was launched as a medium and large luxury MPV, with a price range of 32.98-459800 yuan at that time. On the day of the launch of the car, Zhao Changjiang, general manager of Tengli Automobile, revealed that Tengli D9 had spent about 2 billion yuan on pre-design and research and development, and more than 500 million yuan had been invested in channel construction, and this figure will continue to rise. today, the car has become the main source of sales of Tengli cars.

At present, Tengli Motor has three models D9, N7 and N8, and the latter two are on the market in July and August 2023, respectively. Among them, the second model Teng Teng N7 positioning medium-sized SUV, the modified model was launched in April this year, and the current price is 23.98-329800 yuan, which is 62000 yuan lower than the starting price of the old model; N8 is the third model, positioning medium-and large-scale SUV model, the price is 31.98-326800 yuan.

Retail data show that the cumulative sales of the Tengli brand in 2023 was 127253, of which the Tengli D9 accounted for 118595, making it the top seller in the MPV market in 2023. The cumulative sales from January to August this year were 79753, of which the D9 was 71201, accounting for 89.28% of the total sales, while the other two models performed relatively mediocre, with 8083 N7 and 469 N8. In terms of sales data, sales of Tengli cars have indeed increased significantly after they were dominated by BYD.

It is understood that in addition to the D9, N7 and N8 models, the fourth Tengli Z9 GT also started pre-sale on August 20, with the pre-sale range of Teng Teng Z9 GT and Teng Teng Z9 flagship models ranging from 33.98 yuan to 419800 yuan. Among them, Teng Teng Z9 positioning large luxury sedan, Z9 GT positioning large luxury GT sedan, the biggest highlight of the two cars will be equipped with easy three-party intelligent control technology, and the use of CTB body battery integration technology, after the listing of Porsche Panamera and Maybach S-class. In addition, the new SUV Tengli N9 will be launched at the end of the year.

As one of the important layouts of BYD in the luxury brand market, the momentum brand has now become a sharp weapon for BYD to attack the high-end market, and this industrial and commercial change undoubtedly gives BYD more room to play. No longer limited by the existence of Daimler, or it will be more conducive to the follow-up development of momentum cars.

On August 20, at the 2024 Tengli Automotive Technology Day and the pre-sale launch of Tencent Z9 GT, Wang Chuanfu reviewed the growth of Tengli and used "hardships and twists and turns." Wang Chuanfu said that Tengli is the first luxury brand in China's automobile history to focus on new energy and the first new power to build cars in China. At the same time, Wang Chuanfu explained: "after successful rejuvenation, the car has become a key link in BYD's brand matrix, integrating the resources and support of Dynasty, Ocean and equation Leopard. Upward provides a solid foundation for high-end brands to look up." Wang Chuanfu also pointed out that behind the success of the momentum brand, thanks to Mercedes-Benz's strong support, let the momentum since its birth with a luxurious background and genes, but also let BYD absorb the valuable experience of luxury brand building.

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