According to the Wall Street Journal (blog, Weibo), Daimler said on the 18th that the company’s truck joint venture with Beiqi Foton Motor Co., Ltd. in China will begin production in the third quarter of this year. Daimler and Foton Motor will jointly produce medium and heavy trucks.
Xu Heyi, chairman of Foton Motors, the largest shareholder of Beijing Automotive Group Co., Ltd., said that after Daimler and Foton Motor each invested 50% in the establishment of Beijing Foton Daimler Automotive Co., Ltd., the strategic and operational cooperation between the two parties will be greatly strengthened.
It is reported that Daimler plans to establish a joint venture company with Foton Motor after several years of negotiations and finally received final approval from the Chinese government in September last year.
Daimler said that in the past five years, the size of the medium and heavy truck market has doubled. Currently, the sales of medium-heavy trucks in the Chinese market exceed 1 million. Last year, China’s sales of medium and heavy-duty trucks accounted for about 40% of the total sales of medium- and heavy-duty trucks in the world.
Beijing Foton Daimler Automotive Co., Ltd. is headquartered in Futian Auman, Huairou, Beijing, with an annual capacity of 160,000 trucks.
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