DaimlerChrysler Expanding In China
Looking to expand in the world’s fastest-growing vehicle market, DaimlerChrysler said it will pay $104 million for a 24% stake in Chinese truck manufacturer Beiqi Foton Motor Co. becoming its second largest shareholder. The purchase must still get approval from Foton's shareholders and the Chinese government.
DaimlerChrysler, the world's No.5 carmaker and leading commercial truck supplier, already produces Mercedes-Benz luxury cars and other car models in a joint venture with Foton's parent, Beijing Automotive Industry Holding, and has two other ventures in
"DaimlerChrysler now has a foot in the door of the local truck market, which has been growing at roughly 10 to 12% annually," Zhang Xin, senior analyst at Guotai Junan Securities, told Reuters. DaimlerChrysler's spokesman in