Final Approval issued by Chinese Authorities: Way clear for Daimler's Truck Joint Venture with Foton

• Milestone in implementing Daimler Trucks' growth strategy achieved as Chinese authorities issue final approval for ‘Beijing Foton Daimler Automotive Co., Ltd.'

• Way is clear for both partners to establish the joint venture company

• Through joint venture Daimler Trucks will gain 50 percent stake in Foton Motor's medium- and heavy-duty truck business 

‘Beijing Foton Daimler Automotive Co., Ltd.' (BFDA) has received its final approval from the Chinese Ministry of Commerce (MOFCOM). "This is an important step for the global growth strategy of Daimler, as well as the local expansion of our portfolio," says Dr. Dieter Zetsche, Chairman of the Board of Management of Daimler and Head of Mercedes-Benz Cars. "With our 50 percent stake in Beijing Foton Daimler Automotive, we are further strengthening our position as an important player in the China market. Having now received the final green light for the joint venture, this also sends out a clear signal that we deliver on what we promise."

The final approval for the joint venture between Daimler Trucks and Foton Motor marks another important step in the implementation of Daimler Trucks' Global Excellence strategy and will allow it to thoroughly participate in the growth of the Chinese truck market. In 2010, the Chinese market for trucks over six tons GVW had a volume of 1.2 million units. Forecasts indicate that about 1.5 million trucks over six tons GVW will be sold annually in China from now until 2020.

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