AutoBeta(AutoBeta.net)02/11 Report--

A few days ago, BYD announced that BYD will increase the capital of Tengli New Energy, an electric car joint venture with Daimler, by 200 million yuan, all as registered capital.

The announcement said that after BYD Automotive Industry Co., Ltd. completed the capital increase of Tengli New Energy, the proportion of shares held by the company through its holding subsidiary BYD Automotive Industry Co., Ltd. remained at 50%.

Shenzhen Teng Teng New Energy Automobile Co., Ltd. was established in February 2011. it has been established for nearly 8 years until the end of 2017, and its loss has reached 2.61 billion yuan.

Tengli, which is positioned as a high-end commercial electric vehicle, has not sold very well in recent years, with 2888 in 2015, 2287 in 2016 and 4713 in 2017. Last year, the momentum almost reached the point of stagnant production and sales. The data show that the sales figures for 2018 were only 40 in August, 89 in September, 3 in October, 190 and 884 in November and December, respectively, and the cumulative sales for the whole of 2018 were only 2,000, down 58.12% from a year earlier.

Tengli is a new energy electric vehicle joint venture company jointly invested by BYD and Daimler. since its establishment, only one electric car has been on sale, and the trend has been unable to make ends meet. Due to the needs of business development, both shareholders have contributed to the rescue many times. In May 2017, BYD and Daimler added a total of 1 billion yuan to Tengli. At that time, BYD claimed that it was aimed at relieving the pressure of the recent adjustment of government subsidy policy on the return of funds to the booming new energy. In May last year, BYD / Daimler also added a total of 800 million yuan to Tengli New Energy.

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