Chinese truck maker Beiqi Foton will finalise a planned heavy-duty truck joint venture with Daimler AG after this year’s Beijing Olympics.
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Beijing Automotive Industry Holding Co Ltd Chairman Xu Heyi told Reuters that the 50-50 venture would make 100,000 heavy-duty trucks per year, to be sold both domestically and overseas.
Beiqi Foton said in April that it had reached a preliminary agreement with Daimler to set up a truck-making venture in China,
The companies are also exploring opportunities to form a global partnership, Beiqi Foton said.
In December, Foton scrapped a share placement plan with DaimlerChrysler which would have given its potential partner a 24% stake.
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By GlobalDataThe agreement was cancelled in December after the deal failed to win government approval.
