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On January 29, Beiqi Foton and Daimler AG jointly signed the "Commercial Vehicle Cooperation Agreement." Both parties will invest 60 billion yuan in a ratio of 50:50 to establish a medium/heavy truck joint venture. The newly established Chinese joint venture company is the operation center for the global cooperation between the two companies. Future Futian Auman brand products produced by the joint venture company can be sold overseas through Daimler's sales system, and the domestically produced Daimler heavy truck engine can also be equipped to Europe. Man Heavy Trucks will enhance the competitiveness of Auman Heavy Trucks in China and emerging markets.
The cooperation has a strong complementarity with both parties. The advantages of Beiqi Foton Motor Company in the product resources and cost control of economical commercial vehicles will also help Daimler to expand its share in emerging markets. Daimler can provide Beiqi Foton Motor Company with strong operational management, technology research and development and global sales network support, while avoiding trade barriers and obstacles often encountered by Chinese auto companies when setting up factories in foreign markets. The company's overseas investment provides protection.
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