China Motor Corp has said that its joint venture with DaimlerChrysler for the Chinese market is expected to begin operations in the second half of 2007.
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Taiwan’s China Motor Corp holds a 16.33% in the joint venture. DaimlerChrysler holds 33.67%, with the remaining share owned by Southeast Motor, a 50-50 joint venture between China Motor and China’s Fujian Automobile Industry Group.
China Motor executive vice president Hsu Li-Min was quoted by Dow Jones saying the joint venture is expected to make 40,000 recreational vehicles a year under the Mercedes-Benz brand. That total may be raised to 60,000 units a year.
The joint venture is still awaiting government approval however.
Separately, China Motor said it achieved a pretax profit of TWD4.76bn (US$146m) in 2005 on sales of TWD50.81bn. The Taiwanese company saw domestic sales of 88,105 autos and exports of 70,141 units.
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By GlobalDataThe company added that it was expecting to see a rise in profits this year on the back of higher shipments and contributions from South East Motor. It has a target of 91,600 domestic sales this year, and exports of 80,000-90,000 units.
