Foton Motor and Daimler signed a letter of intent for cooperation. The two sides agreed to set up a 50:50 joint venture company in China, Daimler will use cash as its capital contribution, and Futian will all its Auman-related medium and heavy truck business after the evaluation of the Chinese joint venture capital contribution.
Foton Motors and Daimler's China Heavy Truck Joint Venture Co., Ltd. will produce Futian Auman heavy truck products and Daimler license emissions and power to OM457 heavy-duty engines with Euro V and 460 hp, respectively, and Futian products in the joint venture will continue We use Futian Auman's own brand for distribution, equipped with medium- and heavy-duty trucks such as Daimler's MBOM457 engine. In addition to the Fuman Auman brand, it will also be labeled "Mercedes-Benz Power."
The Daimler MBOM457 engine will have a capacity of 45,000 vehicles per year in one or more phases. Limited to the current maximum production capacity of Futian Auman Medium and Heavy Trucks is only 100,000 vehicles per year. After the establishment of the joint venture company, both parties will discuss expansion issues in due course according to market needs.
Given the complementarity between the two parties in terms of products and brands, the cooperation between the two parties may be extended to fields such as Foton Bus Products.
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