Daimler, China's Beiqi Foton OK joint venture deal
Daimler says the letter-of-intent signed Thursday calls for the venture to use Mercedes-Benz heavy-duty engine technology and the Auman brand to build international sales of low-end commercial vehicles.
The Associated Press
8/7/2008
SHANGHAI, China — Daimler AG and Beiqi Foton Motor have signed an agreement to form a 50-50 joint venture to make medium and heavy-duty trucks in China and to look for opportunities to sell Foton's Auman trucks in overseas markets.
Daimler says the letter-of-intent signed Thursday calls for the venture to use Mercedes-Benz heavy-duty engine technology and the Auman brand to build international sales of low-end commercial vehicles.
Foton's Auman-brand trucks include tractors, dump trucks, platform trucks and a variety of special-purpose vehicles.
With the new joint venture Daimler will have two commercial vehicle ventures and one passenger car venture in China.
Financial details of the new venture were not available.