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Foton-Daimler JV to be inaugurated in Feb

Jan. 9, 2012 (China Knowledge) - Beiqi Foton Motor Co Ltd<600166>, China's largest commercial vehicle producer, plans to inaugurate its truck-making joint venture with Daimler AG on February 18, said Foton Spokesman Zhao Jingguang on Saturday.

The JV, named Beijing Foton Daimler Automotive, acquired a business license on December 16 and it had a registered capital of RMB 5.6 billion.

Foton Motor contributed RMB 2.8 billion of assets to hold a 50% stake in the JV. Daimler and Daimler Northeast Asia Ltd contributed RMB 2.24 billion and RMB 560 million in cash respectively for the remaining 50% stake.

Beijing Foton Daimler Automotive will be mainly engaged in the manufacturing of medium- and heavy-duty trucks as well as engines.

The JV is designed to have an annual output capacity of 160,000 trucks, China Knowledge reported earlier.

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