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Daimler and Foton sign China truck deal
Daimler AG and Beiqi Foton Motor Co have struck up a partnership deal for a joint truck venture that could set the stage for the creation of new job opportunities and better employee reward.
The companies will combine efforts to produce vehicles under Foton's brand name Auman that will be developed using the latest Daimler technology.
This partnership will see Daimler and Foton investing more than 700 million Euros in the production of medium-sized and heavy vehicles.
Dieter Zetsche, chief executive of Daimler, said: "The joint venture...represents another key milestone in implementing our China strategy. It further strengthens our position to address all segments of the market."
The move forms part of Daimler's concerted efforts to increase its presence in the emerging markets of Brazil, Russia, India and China.
Earlier this year, the motor experts pumped more cash into its Brazilian operations while increasing its stake in Russian truck manufacturer Kamaz.
Posted by Michael Ewing
