Foton and Daimler signed a joint venture contract for heavy trucks on the 16th
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At noon on July 16, Daimler will sign a joint venture contract with Foton Motor. Both parties will establish a 50:50 stake in the medium and heavy truck joint venture company. The relevant national authorities will also approve the application for the establishment of a commercial vehicle joint venture company between the two parties.
Xu Heyi, chairman of Beijing Automotive and chairman of Foton Motor, will sign a joint venture contract with Mr. Ulrich Walker (Chinese name Hualixin), a member of Daimler AG's management committee and Daimler truck's president.
This morning, Beiqi Futian related departments have received notices from the "Fukuda Motor and Daimler Corporation signing related activities arrangements."
According to the relevant person in charge of Beiqi Foton, the cooperation agreement signed this time with the content of the cooperation intention signed by the two parties has not changed much, but is more detailed.
After the conclusion of the signing ceremony, Hualixin, Marx, chairman and CEO of Daimler Northeast Asia Investment Co., Ltd., will visit Fukuda's Auman plant and Auman II plant in Huairou District, Beijing.
Daimler and Beiqi Foton have been in contact and signed a framework agreement since 2003. After seven years of waiting, they finally signed a contract. In the meantime, the two companies signed a letter of intent for cooperation in Beijing in August 2008. On January 29, 2009, the two companies jointly signed the "Commercial Vehicle Cooperation Agreement" in Berlin, Germany, with a total investment of more than 6 billion yuan.
According to the cooperation agreement signed between the two parties, the joint venture product will use the “Futian Auman†trademark. Daimler will introduce Mercedes-Benz medium-duty truck technology and heavy-duty engine technology. The emission standards that are introduced through technology licensing can reach up to Euro V Daimler. OM457 12-liter diesel engine, Futian Auman's existing medium-heavy truck product and Auman heavy-duty truck upgrade product (mixed model) equipped with OM457 engine.
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