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Beiqi Foton Motor Co., Ltd. and Daimler Co., Ltd. have reached the final result of a seven-year joint venture. The National Development and Reform Commission has approved the application for the establishment of a joint venture company for commercial vehicles. The two parties will sign a joint venture agreement in the near future.
Beiqi Futian insiders revealed that the original joint venture agreement was signed on the 15th. Due to time constraints, the signing time has been postponed, "but in the last few days."
Daimler plans to complete the signing ceremony with Beiqi Foton during the official visit to China by the German Chancellor Angela Merkel from July 15th to 18th. The report said that Daimler hopes to invest 800 million euros in joint ventures with China to produce heavy trucks.
According to the letter of intent signed by Beiqi Foton and Daimler in Beijing in August 2008 and the “Commercial Vehicle Cooperation Agreement†signed on January 29, 2009 in Berlin, Germany, the total investment of both parties exceeded RMB 6 billion.
Beiqi Futian insiders said that the final joint venture agreement and the content of the cooperation intention signed by the two parties had not changed much. It was only more detailed. However, the exact amount of investment is not transparent.
According to the cooperation agreement signed by the two parties before, Daimler will introduce Mercedes-Benz medium-duty truck technology and heavy-duty engine technology. The new joint venture company will produce Futian Auman heavy trucks and will be included in the Mercedes-Benz global commercial vehicle brand system. The two sides will also establish a global operation center to jointly develop new markets.
As early as 2003, Daimler-Chrysler Corporation, which had not yet been separated, signed a Strategic Cooperation Framework Agreement with BAIC. DaimlerChrysler plans to acquire part of the legal stocks of Foton Motor and jointly establish a joint venture company for medium and heavy trucks. However, as a result of the “Auto Industry Development Policy†implemented by the state in 2004, “a foreign-invested automobile company can only have two vehicle joint venture partners in Chinaâ€, Daimler-Chrysler was already with Fujian Automobile Industry Company and Yangzhou Yaxing Bus. The company set up a joint venture company respectively, and the joint venture plan between Beiqi and Beiqi Futian ran aground.
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