Beijing Auto to Build 50-50 Commercial Vehicle Venture with Daimler

English.chinabuses.com:Beijing Automotive Industry Holding Corp will pay 700 million to 800 million yuan ($103-$117 million) for a 40 percent stake in Fujian Motor Industry Group's 50-50 commercial vehicle venture with Daimler AG in southeast China, an official newspaper said on Saturday.

Beijing Auto,is still awaiting the Chinese government's approval of the deal, which will leave Fujian Motor with a 10 percent holding in the venture.

Daimler's 34 percent stake and China Motor Co's 16 percent stake will remain unchanged.

The venture, Fujian Daimler Automotive, was established in June 2007 with annual production capacity of 40,000 units.

Related China Bus News

• Zhongtong Electric City Buses Enable Portugal to Move Closer Towards Zero-Emission Transport 02-27
• Vietnam Warmly Welcomes 207 Units Golden Dragon City Buses on its Road 02-26
• 1,022 Zhongtong Buses to Arrive in Saudi Arabia for Operation 02-22
• 400 Units Foton AUV School Buses Start Operation in Beijing 02-22
• Zhongtong Bus Sales Jump by 81.49% in January,2024 02-20
• Ankai Embraces 2024 by Delivering G9 Buses to Saudi Arabia for Operation 02-19
• Zhongtong Electric Buses Provide Smooth Transportation Services for Africa Cup of Nations 2023 02-18
• Ankai Bus & Coach Sales Up by 169.33% Year on Year in 2023 02-18
• Golden Dragon Bus Overseas Sales Reached a New Record High in 2023 02-05
• 120 Units Zhongtong Electric City Buses to Start Providing Greener Transportation Services in Singapore 01-30
• Higer Overseas Sales Revenue Grew by 70.59% to Reach a New Record High 01-30