Foton, Daimler formally sign truck JV
Date:2009-02-06
Chinese truck maker Beiqi Foton and Germany's Daimler AG formally on Jan, 29th 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.
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.
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