Asianfin--Chinese automaker BYD Co. has fully acquired its joint venture with Mercedes-Benz Group AG in China, as foreign car manufacturers increasingly scale back their presence in the country’s vast automotive market.

BYD has purchased the remaining 10% stake it did not previously own in the venture, which was responsible for marketing the Denza premium electric vehicle brand. The company’s announcement on Monday did not disclose the deal's financial details. Mercedes-Benz representatives in China declined to comment.

This acquisition marks the end of a 13-year partnership and occurs amid rising trade tensions between China and Europe. The European Commission is set to propose new tariffs on Chinese electric vehicles, potentially reaching up to 36.3%, with a member state vote on the measure scheduled for next week.