AutoBeta(AutoBeta.net)05/19 Report--

The board of directors of BYD adopted the "proposal to increase the capital of Shenzhen Tengli New Energy Automobile Co., Ltd.," which allows the company's holding subsidiary BYD Automotive Industry Co., Ltd. to increase the capital of the participating company by RMB 150 million, all as registered capital. At the same time, Daimler Greater China Investment Co., Ltd., another shareholder of Tengli New Energy, has increased its capital by RMB 150 million. After the completion of this round of capital increase, the registered capital of Tencent New Energy will increase from 4.56 billion yuan to 4.86 billion yuan, while its two major parent companies, BYD and Dylan, will remain unchanged at 50:50.

Tengli New Energy is mainly engaged in the production and marketing business of new energy vehicles, and it has pure electric vehicle brand momentum. According to BYD, the capital increase will be used for the daily operation of new energy and new product research and development, mainly for R & D expenses, special equipment and mold investment.

In February 2011, the automobile industry and Daimler jointly funded the establishment of Shenzhen BYD Daimler New Technology Co., Ltd. (hereinafter referred to as BYD Daimler, the predecessor of Teng Teng New Energy). At the beginning of its establishment, BYD Daimler had a registered capital of 600 million yuan, and the auto industry and Daimler each held 50% of the shares.

BYD said that the capital increase will help to promote the sustainable development of the Tengli new energy vehicle business. In the future, with the close cooperation and strong support of both shareholders, Teng Teng New Energy will launch new models with more superior performance, and adjust its sales strategy according to the market situation to promote the gradual increase of sales volume, and then promote its profitability.

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