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Beiqi Foton Motor Co., Ltd. will establish a joint venture with Daimler Automotive Group (hereinafter referred to as Daimler). The "First Financial Daily" learned from Beiqi Foton yesterday that the two sides will sign a letter of intent for cooperation tomorrow. The specific content is inconvenient at present. disclose. The reporter learned from the inside of Beijing Automotive Industry Holding Co., Ltd. (hereinafter referred to as "Beiqi Holding") that the joint venture company will establish several large commercial vehicle vehicle companies both at home and abroad and cooperate in technology.
As early as September 2003, BAIC signed a cooperation agreement with DaimlerChrysler AG ("Dai-Ke") before the spin-off. The scope of this agreement includes the cooperation between Beiqi Foton and Dai Ke in the commercial vehicle sector. The strategic cooperation project specifically included Dai Ke's acquisition of part of the legal stocks of Foton Motor and the joint formation of a medium-heavy-duty truck joint venture company. However, specific cooperation issues have remained silent. In 2006, the two sides signed a new issuance agreement. Beiqi Foton intends to issue a private placement to Dai-Ke (accounting for 24% of Beiqi Foton's total share capital). Cooperation is achieved through a curve joint venture, but it is eventually lost.
"At the time, Daimler had two commercial vehicle joint ventures in China, so both of these cooperation intentions were subject to policy restrictions. (China's auto industry policy stipulates that a foreign-funded enterprise can only establish no more than two joint ventures producing similar products in China.) Enterprises) always have no results,†informed sources told reporters. “But now Daimler has solved this problem.†It is reported that in May 2007, Dai-Ke (China) spokesman Trevor Hale said that year 3 A 50% stake in Yaxing-Benz Co., Ltd. held by Daimler in the month was purchased by another major shareholder, Jiangsu Yaxing Bus Group Co., Ltd., leaving Daimler's commercial vehicle joint venture in China only with Fujian Automobile Group. One of the joint ventures regains the option of selecting a new joint venture partner.
Informed sources told reporters that the letter of intent signed by both parties will be different from the cooperation framework agreement of 2003. “The framework agreement of 2003 is only a willingness to cooperate. Now the cooperation agreement between the two parties will involve specific methods and contents of cooperation. However, the letter of intent for cooperation It is not legally binding and will be submitted to the relevant authorities for approval after signing.â€
If Beiqi Foton can successfully cooperate with Daimler, it will be a major event in the commercial vehicle market. According to analysis by industry insiders, Beiqi Foton can not only learn advanced technology and management from Daimler, but also can use Daimler's sales network to enter the global market and greatly accelerate the process of internationalization.
Wang Da, general manager of BAIC Holdings, said in an interview with reporters recently: “The two sides have made new breakthroughs in cooperation and will provide a new business model that will be of significance for China’s auto industry to internationalize.â€
Currently, Daimler is the world's largest manufacturer of commercial vehicles. Last year, it sold 467,700 vehicles worldwide. With the decline in the North American market, Daimler is looking to emerging markets. Earlier, Daimler has announced the establishment of a commercial vehicle joint venture with the Heroes Automotive Group of India, and stated that it will explore the potential of the Asian market. Beiqi Futian is currently the largest commercial vehicle manufacturer in China. The company's 2007 annual report shows that in 2007 it sold a total of more than 400,000 vehicles, ranking first in Asia, second only to Daimler in the world; and in light-duty trucks, Beiqi Foton has relied on 31.9. The annual sales of 10,000 cars have won world titles. The formal joint venture between Beiqi Foton and Daimler means that a global commercial vehicle carrier will enter people's sights.
Yesterday, Foton Motor closed at 6.80 yuan/share, down 0.29%.
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