Daimler and Foton Motor have made significant progress regarding their negotiations to establish a 50:50 joint venture to produce trucks in China.
A joint venture contract was signed in the presence of German Chancellor Angela Merkel and the Premier of the People’s Republic of China Wen Jiabao. The approval for the deal was granted by the relevant Chinese government authority.
“The joint venture with Foton Motor represents another key milestone in implementing our China strategy. It further strengthens our position to address all segments of the market. And it shows that we deliver what we promise taking full advantage of the enormous potential in China and other growth countries.” Dr. Dieter Zetsche, CEO of Daimler AG comments about the signing ceremony.
“The NDRC approval of the joint venture with Foton Motor in China is a key milestone in Daimler Truck’s overall strategy,” said Andreas Renschler, member of Daimler’s Board of Management and Head of Daimler Trucks and Daimler Buses. “The joint venture offers us an excellent springboard from which we can achieve growth, profitability and expansion in China, and with Foton as a global partner, in the international markets as well.”
