Daimler and Foton of China unveil heavy truck partnership
The German automotive group Daimler and Foton Motor of China signed Friday an accord to jointly produce heavy trucks in China for the domestic and foreign markets.
The two companies were joined by German Chancellor Angela Merkel during her visit to China in announcing a 50:50 joint venture first floated two years ago.
Trucks under Foton's Auman brand will be produced using Daimler technology in diesel engines and exhaust systems, allowing the vehicles to meet strict European standards, a statement said, without giving financial details.
Earlier this week, German governmental sources had indicated that the two partners would invest some 800 million euros (one billion dollars) in the deal.
Foton is a subsidiary of Beijing Automotive Industry Corporation (BAIC).
© 2010 AFP