• Most Popular
  • Most Shared

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

Tue Jan 6, 2009 8:21pm EST

Stocks

   

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.

China

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)

China


More from Reuters

Joint Terminal Attack Controller SSgt Clinton J. Herbison, a U.S. Airman from the 817 Expeditionary Air Support Operations Squadron (EASOS) takes a break during a night mission near Honaker Miracle camp at the Pesh valley of Kunar Province August 12, 2009. Credit: REUTERS/Carlos Barria

Pictures of the Year

A look at the best photos of 2009.  Slideshow 

    PICTURES
    The Dalai Lama jokes with a nasal spray after being asked his opinion on the swine flu during a press conference after his first lecture in Lausanne, Switzerland, August 4, 2009. REUTERS/ Valentin Flauraud

    What a wacky year it's been...

    Um, what's up the Dalai Lama's nose? "Oddly Enough" editor Bob Basler rounds up the goofiest photos of the year.  Full Article 

    Oddly Enough
    A caution sign is seen next to a stock board at the Australian Securities Exchange (ASX) in Sydney September 5, 2008. REUTERS/Daniel Munoz
    Political Risk in 2010:

    Don't say we didn't warn you

    With the financial crisis (mostly) in the past, U.S. investors are eying a fresh start to the coming year. Here's a look at what speedbumps lie ahead.  Full Article 

    Global Markets