腾势是比亚迪旗下的豪华品牌，比亚迪完全控股腾势后，或将更精准把握市场需求，推出更多符合消费者需求的高品质车型。据悉，腾势整合了易三方、天神之眼、云辇、DiLink等比亚迪全栈自研的智电融合技术。今年腾势开启了自营及经销商双渠道模式，目前全国直营店超380家，覆盖100多座城市。Mercedes-Benz completely withdraws, while Tengshi ultimately becomes a wholly-owned brand of Byd Company Limited.
According to QCC, Shenzhen Tengshi New Energy Autos Co., Ltd. recently underwent several changes: the shareholding of Byd Auto Industry Co., Ltd. increased from 90% to 100%, and the original 10% shareholder Mercedes-Benz Investment Co., Ltd. withdrew, with director Hans Georg Engel also stepping down.
At the same time, Tengshi Autos officially transitioned from a 'foreign-funded company' to a 'corporation', and its market entity type changed from the original 'Sino-foreign joint venture' to 'wholly-owned legal entity'. This also means that Tengshi Autos has officially become a wholly-owned brand of Byd Company Limited.
Tengshi is a luxury brand under Byd's umbrella. After Byd gained full control of Tengshi, it may more accurately grasp market demands and launch more high-quality vehicle models that meet consumer needs. It is reported that Tengshi has integrated Byd's self-developed intelligent electric fusion technology such as EasyThird, Heavenly Eye, Yunche, and DiLink. This year, Tengshi has adopted a dual-channel model of self-operated and dealership, with over 380 directly operated stores nationwide, covering more than 100 cities.
It's worth noting that in addition to fully acquiring Tengshi, there is a possibility that Byd may collaborate with Mercedes-Benz in other sectors. In the future, the two parties may explore other cooperation opportunities in the field of new energy vehicles.
Wang Chuanfu emphasized that the strategic development of Tengshi will be led by Byd Company Limited, with assistance and support from Mercedes-Benz. Byd will be responsible for the strategic planning of the Tengshi brand, especially in terms of technological research and development, and product planning, providing comprehensive and strong support for Tengshi.
In addition, Byd will shape Tengshi's new luxury product matrix from overall vehicle design, performance tuning, to internal and external detailing. Each product series of Tengshi will benefit from Byd's 'big fish pond of technology empowerment', including E-platform 3.0, DM-i super hybrid technology, 'sandwich' structure blade batteries, and more.
BYD Company Limited (01211): In the first half of the year, the company achieved a total operating income of 301.13 billion yuan, an increase of 15.8% year-on-year. The non-deductible net income attributable to shareholders was 12.32 billion yuan, an increase of 27.0% year-on-year. It meets market expectations. On September 11th, BYD announced a notice of senior executives and core personnel increasing their shareholding in the company. Morgan Stanley issued a research report stating that the management of BYD Company (01211.HK) stated that the annual sales target is 4 million units, compared to the previous target of approximately 3.6 million units, which means that monthly sales from September to December will be about 0.418 million units, compared to 0.373 million units in August. Management believes that the increase in sales volume and profit in the second half of the year will mainly depend on the DM-i 5.0 model. Compared to the DM-i 4.0 model, the 5.0 model is equipped with higher specifications and is sold at higher average prices, including the 2025 Song Plus model.
