After nearly 8 years of negotiations and efforts, the joint venture project between Foton Motors and Daimler finally achieved significant progress. On the eve of the fourth visit to China by German Chancellor Angela Merkel, the joint venture project was formally approved by the National Development and Reform Commission. On the morning of July 16, under the joint witness of German Chancellor Angela Merkel and Chinese Premier Wen Jiabao, corporate representatives of both parties jointly signed a "Joint Venture Contract" at the Great Hall of the People. It is reported that the official listing time will be around the end of the year.
The total investment of the joint venture project is 6.35 billion yuan and the registered capital is 5.6 billion yuan. The two parties establish a joint venture company with 50:50 equity in the medium and heavy trucks, among which, Foton Motors will use existing Auman business detachable assets after evaluation. 100 million yuan in capital contribution, Daimler invested in equivalent cash, and the duration of the joint venture was 50 years.
The joint venture company will produce Futian Auman’s existing heavy-duty truck products from Futian Auman and Daimler's emissions standards and powers that meet the Euro V and 490-horsepower OM457 heavy-duty engines. Once completed, the total vehicle production capacity will be 100,000 units. In 1 year, the OM457 engine was 45,000 units a year.
After consultation, Foton Motors will retain the right to use and ownership of the overseas markets of Auman’s intangible assets such as proprietary technology, patents, and brands, and Daimler will provide technical and expert support to help the joint venture companies improve product quality. . In 2009, Foton Motor has achieved the best performance in the history of commercial vehicle production and sales exceeding 600,000 vehicles, and is currently actively engaged in the globalization of the company.
Foton Motors stated that through the cooperation with Daimler, Foton Motor could quickly grasp the resources needed for globalization, help Futian to form a world-renowned corporate brand, increase its independent research and development capabilities and brand awareness, and promote the independent brand strategy of China's auto industry. Development, truly realize the dream of China's own brand cars into the global market.
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