Daimler forms venture with Chinese truckmaker
BEIJING, China — Daimler Trucks AG has agreed to make trucks and engines in China with that country’s largest truckmaker.
After four years of discussions, Daimler and Beiqi Foton Motor Co. of Beijing agreed to form a $929 million joint venture where each company would own half of Beijing Foton Daimler Automotive Co.
Engine production for the Chinese market is expected to start in 2011 and the company will begin producing commercial vehicles the following year, Bloomberg News reports.
Foton expects to increase its annual sales from about 400,000 units last year to over 1 million by 2010.
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