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Foton auto board of directors has passed the cooperation issues with Daimler

Date:2010-09-07 Source:www.chinatrucks.com

(chinatrucks.com, Sep 7, 2010) It is disclosed by Foton auto publication on Sep 3rd 2010 that Foton board of directors has approved the medium and heavy van autos and engine program cooperated with Daimler and Daimler North East Asia investment company.

Foton represents that the overall investment sum is 635 million Euros, and the assessment sum of medium and heavy truck of Foton Auman shall be evaluated as 316,200,000 Euros, and Foton will invest that of 280 million Euros, which has taken 50% of the registering assets.

Daimler Shares Company Limited will invest 22,400,000 million Euros, which has taken 40% of the registering assets. Daimler North East Asia will invest 56 million Euros, which has taken 10% of the registering assets.

It is announced by the publication that the business range of JV company is covering development, design, assembly, and medium & heavy truck as well as engine manufacture and the wholesales and retail business of some related parts and components.

Completely vehicle of JV Company will be marked with “Foton” and “Auman”. Furthermore, the completely vehicle equipped with OM457 heavy duty engine shall be marked with “Mercedes-Benz Power”.

JV Company will establish self R&D center, and develop the elements suitable for China medium and heavy truck products. Overseas R&D will be under the charge of Foton. As for the cooperation of medium and heavy truck, Daimler is the priority, and overseas cooperation development and management shall be leaded by Foton.


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