Chinese truck maker Beiqi Foton Motor Co Ltd and Germany's Daimler AG on Thursday formally signed a previously agreed truck venture.
The deal, signed during the visit of Chinese Premier Wen Jiabao in Berlin, follows the two companies' announcement earlier this month to set up a 50-50 truck venture with a total investment of 6.35 billion yuan ($930 million).
The Chinese firm said then that Beijing Foton Daimler Automotive Co would start producing diesel engines in 2011 and trucks in 2012, with annual heavy-duty truck sales projected at 100,000 units from 2012 to 2015.
