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Daimler Forms Truck Venture with Chinese Firm
Daimler AG and China鈥檚 Beiqi Foton Motor Co. have agreed to form a venture in Beijing to make trucks and engines, Bloomberg reported Wednesday.
Under the approximately $929 million venture, Daimler and Foton, China鈥檚 biggest truck maker, will each own half of Beijing Foton Daimler Automotive Co., Bloomberg reported.
The partners will form the venture in August, start engine production in 2011 and begin making trucks in 2012, Foton said in a Shanghai stock exchange statement Wednesday.
The two truck makers have spent more than four years seeking a partnership, with earlier plans delayed by Daimler鈥檚 sale of Chrysler LLC, Bloomberg said.