Cars
Mercedes-Benz's parent company Daimler AG has signed a letter of intent to form a new 50:50 joint venture with China's Beiqi Foton Motor Co., Ltd to produce medium and heavy-duty trucks and exchange technology in China. The deal between the companies has not been finalized yet as it has to gain the approval of the Chinese government. If the agreement is approved, Daimler will have two commercial vehicle joint ventures and one passenger car joint venture in China, in addition to its financial services operations there.
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Cars
Daimler to form New Chinese Joint Venture with Beiqi Foton
Mercedes-Benz's parent company Daimler AG has signed a letter of intent to form a new 50:50 joint venture with China's Beiqi Foton Motor Co., Ltd to produce medium and heavy-duty trucks and exchange technology in China. The deal between the companies has not been finalized yet as it has to gain the approval of the Chinese government. If the agreement is approved, Daimler will have two commercial vehicle joint ventures and one passenger car joint venture in China, in addition to its financial services operations there. "This joint venture is another step in realizing both our long-term commercial vehicle strategy and our China strategy," said Dr. Rüdiger Grube, Daimler AG Board of Management member responsible for corporate development. "Foton is the right partner for us. This cooperation is a win-win situation for both companies and, most importantly, for our customers."
"At BAIC we are very happy to expand our business relationship with Daimler to include commercial vehicles at Beiqi Foton, in addition to our cooperation for passenger cars at BeijingBenz-DaimlerChrysler Automotive," said BAIC Chairman Xu. BAIC is the primary Chinese shareholder for both Beiqi Foton Trucks, Ltd. and BeijingBenz-DaimlerChrysler Automotive Ltd. (BBDC).
- Chinese Manufacturer Baic In Negotiations To Buy Daimler Stake
BAIC is looking to invest in the German car maker. Daimler and BAIC have formed joint ventures in China to oversee production and sales of Mercedes Benz cars, but it seems that the two companies are negotiating more serious stuff. Read more »...
- Daimler And China's Byd Name Their New Ev Brand Denza
It's been close to two years since Mercedes-Benz's parent company Daimler and China's BYD formed a new 50-50 joint venture under the name BDNT (BYD Daimler New Technology Co. Ltd) for the development and production of affordable electric...
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Following a June 2011 agreement between Daimler and Chinese joint venture partner BAIC to further expand their collaboration in China with additional projects, Mercedes-Benz announced on Monday that the first locally produced GLK SUV left the production...
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[BYD e6 EV pictured above]Joint venture partners Daimler AG and BYD Auto revealed plans today to preview their upcoming dedicated electric-car for China with a new design concept at the next Beijing Auto Show in April of 2012. Last year, the two companies...
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Chinese automaker BYD (Build Your Dreams) and Mercedes-Benz's parent company Daimler AG have set up a new joint venture called "Shenzhen BYD Daimler New Technology Co. Ltd," to develop electric vehicles for China. The two companies said...