Global brands go local for new-energy subsidies

With the current government policy limiting electric vehicle subsidies to locally produced brands, foreign carmakers are turning to localization and innovative business models.

Shenzhen BYD Daimler New Technology Co Ltd - a joint venture between the German giant and China's top electric vehicle maker - announced to receive orders for its all-electric Denza in Beijing on May 17. Eligible for the national subsidy, its price to buyers is 255,000 yuan ($40,800).

The first Denza models will be delivered to customers in October.