BEIJING Jan 7 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
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.
(Reporting by Michael Wei; Editing by Alan Wheatley)