8 years of "love long-distance running" has come true. Recently, Beiqi Foton Motor and the world's largest truck manufacturer Daimler formally signed a "Joint Venture Contract." The two parties will establish a medium-heavy truck joint venture in the Huairou District of Beijing. It is expected that the total investment in the joint venture project will be 6.35 billion yuan.
The two parties signed the "Commercial Vehicle Cooperation Agreement" in Germany as early as January 29, 2009, but they have since fallen into silence. There have even been rumors that the cooperation between Fukuda and Daimler may change. In fact, the "Oriented Issuance and Share Subscription Agreement" and "Alliance Agreement" signed by both parties in the capital market in 2006 did not pass the approval of the Chinese Ministry of Commerce and the Securities Regulatory Commission. Fortunately, during the visit to Germany by German Chancellor Angela Merkel, the two parties formally reached an agreement.
According to the agreement, the registered capital of the joint venture project is 5.6 billion yuan, and the two parties jointly establish a joint venture in proportion of 50% to 50%. The joint venture period for the two parties is 50 years. At present, the project has been approved by the National Development and Reform Commission and will be reported to the Ministry of Commerce as soon as possible. If all goes well, the joint venture will be formally established in the third quarter of this year.
For this cooperation, relevant persons of Foton Motor stated to the outside that the products of the joint venture company are not limited to the Chinese market, and its Auman brand will become the low-end brand of Mercedes-Benz globally and enter the overseas market. It is worth noting that unlike the previous joint venture companies that used foreign brands, the joint venture company will focus on the Chinese brand.
"One of the most important reasons for the cooperation between the two sides is that Daimler has always been optimistic about the growth potential of China in the truck market." Yesterday, Xu Changming, director of the Resource Development Department of the National Information Center, told the "International Financial News" reporter that the joint venture passed the relevant departments. The probability of review is very high and future cooperation is also worthy of expectations.
"But Fukuda and Daimler must overcome certain obstacles in their future cooperation." Xu Changming further believes that Daimler and Fukuda's overall business ideas and models are not exactly the same, and both parties need a period of time to run through. However, compared with other areas, the two sides still have certain similarities in the heavy truck operations.
Xu Changming also pointed out that the joint venture will drive the upgrading of Foton Motor's related products and thus promote the upgrading of products in the entire heavy truck market in China. “But it cannot be said that the cooperation between the two parties will break the existing market competition, which takes time to further test".
View related topics: Fukuda and Daimler succeeded in creating commercial vehicle giants
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