Beiqi Foton, Daimler formally sign truck JV deal
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.
Gasgoo not only offers timely news and profound insight about China auto industry, but also help with business connection and expansion for suppliers and purchasers via multiple channels and methods. Buyer service:buyer-support@gasgoo.comSeller Service:seller-support@gasgoo.com