China's Foton, Daimler to form $929 mln truck JV

BEIJING Tue Jan 6, 2009 8:21pm EST

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BEIJING Jan 7 (Reuters) - Beiqi Foton (600166.SS), China's largest commercial vehicle maker, has agreed with Daimler AG (DAIGn.DE) to form a joint venture with total investment of 6.35 billion yuan ($929 million), the company said on Wednesday.

The joint venture, named Beijing Foton Daimler Automotive Co, will be established in August. It will start producing engines in 2011 and trucks in 2012, Foton said in a Shanghai Stock Exchange filing.

The 50-50 JV will sell medium- and heavy-duty trucks in China and in overseas markets, according a letter of intent signed by the two companies in August last year. ($=6.8389 yuan) (Reporting by Michael Wei; Editing by Alan Wheatley)

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