News from the ministry of commence says that the major Chinese auto maker Beiqi Foton and Daimler AG have agreed to set up a 50-50 joint venture with total investment of 6.35 billion Yuan, and securing the German company a foothold in China's auto market.

Beijing Foton Daimler Automotive Co will start producing diesel engines in 2011. Unlike most foreign auto ventures in the country, which mostly target the Chinese market, the world's second-largest, Beijing Foton Daimler aims eventually to become a global player. The partners have agreed to set up joint ventures in Russia, south Asia and Latin America.

Source : english.chinabuses.com

Editor : Frederick

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