Mercedes-Benz Group sold its remaining 10% stake in premium EV and hybrid maker Denza to BYD in the wake of disappointing sales locally.

Chinese automaker BYD Co. has moved to fully control a joint venture it had in China with Mercedes-Benz Group AG, as an increasing number of foreign carmakers dial back their exposure to the world’s biggest auto market.

Mercedes-Benz is seeing a rise in the number of Indian buyers opting for electric vehicles as their first luxury car, the country's managing director told Reuters, a trend that is helping the German carmaker boost their sales.

The brand's current generation of cars don't feature any technologies from Mercedes, so customers won't notice any differences

BYD Company (OTCPK:BYDDF) acquired full control of its joint venture with Mercedes-Benz (OTCPK:MBGAF) in China as it bought the remaining 10% stake in Shenzhen Denza New Energy Automotive, according to a CnEVPost post.