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Daimler's JV with Foton to start truck production in Q3

Feb. 20, 2012 (China Knowledge) - Germany-based Daimler AG, the world's second-largest maker of luxury cars, will put a truck plant into operation in the third quarter of 2012 under the cooperation of Beiqi Foton Motor Co Ltd<600166>, China's largest commercial vehicle producer, said the German firm's truck CEO Andreas Renschler.

The new plant will be operated on a 50-50 joint venture, which is named Beijing Foton Daimler Automotive Co and established by Daimler and Foton.

The facility is located in Beijing's Huairou District and is designed to have an annual output capacity of 160,000 trucks, especially the medium and heavy-duty units. The plant will greatly strengthen our operational cooperation, said Xu Heyi, chairman of Foton's largest shareholder, Beijing Automotive Group Co.  

Foton, which tapped on the truck market in 1998, sold more than 100,000 medium and heavy-duty trucks last year, making the company a major Chinese truck maker.

Last year, China accounted for around 40% of medium and heavy-duty truck sales worldwide, sources reported.

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