Daimler announces truck JV with Beiqi Foton
German auto major Daimler has announced plans to create a $929 million equal-stake joint venture called the Beijing Foton Daimler Automotive Company with Chinese truck manufacturer Beiqi Foton to produce heavy trucks in China.
The two companies have been planning an alliance for the past several years, and in 2007, Beiqi Foton failed to receive regulatory approval to sell a 24% stake to Daimler.
Industry observers are of the opinion that this joint venture could face regulatory hurdles as Chinese law holds that foreign companies cannot partner more than two local firms. Daimler already has two joint venture partners in China.
The joint venture (JV) is expected to begin producing diesel engines in 2011 and trucks in 2012, with annual production of heavy-duty trucks anticipated to be 100,000 units between 2012 and 2015.
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