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The plans to open up the entire industry supply of blade batteries and promote the external supply of BYD chips have enabled BYD to have a certain market share in the upstream field of new energy vehicles. In addition to the manufacturing of new energy vehicles, BYD is attempting to break through a new round of market competition in the middle of the industry.

In terms of new energy vehicle products, BYD's capital increase has become a hot topic of discussion in the industry recently. Looking back to 2010, BYD and Daimler Greater China Investment Co., Ltd. (hereinafter referred to as "Daimler") signed an agreement to establish a 50:50 R&D technology joint venture called "Shenzhen BYD Daimler New Technology Co., Ltd.", committed to developing and producing new energy vehicles in and for China.

Subsequently, the joint venture company launched a new model under the brand "Tengshi", becoming the first Sino foreign joint venture in China to focus on new energy vehicles. However, the development of Tencent has not been as smooth as imagined. Currently, Tencent is selling two models, the Tencent X plug-in hybrid and pure electric, with a total of 4783 vehicles sold throughout 2021.

At the end of 2021, BYD and Daimler signed an equity transfer agreement on adjusting Tencent's structure. After the transfer is completed, BYD and Daimler will respectively hold 90% and 10% of Tencent's shares. BYD stated that the relevant matters need to be approved by relevant regulatory authorities and plan to be completed by mid-2022.

In mid February 2022, BYD's wholly-owned subsidiary Tengshi Automobile Sales and Services Co., Ltd. was officially established with a registered capital of 50 million yuan, represented by BYD executive He Zhiqi. The outside world is puzzled by BYD's inclusion of Tengshi in a major business sector. The relevant person in charge of BYD told reporters, "Tengshi's return is important because it is committed to filling the gap of BYD's 300000 to 500000 yuan new energy vehicle models. It is expected that Tengshi will launch three highly competitive new models in the Chinese market in the next two years, including MPVs and SUVs

In addition, BYD has recently increased its focus on the photovoltaic industry. It is reported that BYD has recently added external investment in Jinshi Energy, which has expanded its business scope to include photovoltaic equipment manufacturing. Previously, BYD had also invested in CSISolar, a photovoltaic company, focusing on solar photovoltaic modules.

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