Fukuda claims that the joint venture with Daimler is currently progressing smoothly

14 months after the signing of the agreement, a joint venture company has still not been established. The cooperation between Beiqi Foton Motor (600166, stock market) Co., Ltd. (hereinafter referred to as Foton) and Daimler Co., Ltd. (hereinafter referred to as Daimler) has always been the industry's Expected. Recently, it was reported that in fact, the joint venture negotiations between Foton and Daimler have changed and both sides have not reached a consensus on the contents of the joint venture agreement. Yesterday, Gong Min, secretary of the Board of Directors of Foton Motor, said in an interview with reporters that the cooperation between Futian and Daimler was carried out in full compliance with the agreement, and that no changes have been made. It is currently progressing smoothly.

On August 7, 2008, Foton and Daimler jointly announced the signing of a letter of intent for global cooperation. According to the agreement, the two parties will set up a joint venture company for medium and heavy trucks, named Beijing Futian Daimler Automotive Co., Ltd., with a total investment of over 6 billion yuan. The investment ratio is 50:50. Foton has invested in the existing Auman brand medium- and heavy-duty trucks and Daimler has invested in matching funds.

Industry sources said that after the signing of the agreement, it was originally planned to form a joint venture company in the second half of last year, but so far, Futian and Mercedes-Benz did not release new news. Recently, it was reported by media that the cooperation between the two parties has resulted in disagreements. The key is that Daimler, who has always attached great importance to technology, has objections to the joint venture company's production of Futian Auman and is unwilling to incorporate it into the Daimler global network. Yesterday, Gong Min, Secretary of the Board of Directors of Foton Motors, denied this, and stated that the joint venture between Foton and Daimler remained unchanged. Everything was carried out according to the original agreement, and it is likely that there will be new progress two months later. In addition, sources revealed that the cooperation between Foton and Daimler is currently under review and approval by the National Development and Reform Commission. From the signing of the agreement to the present, some time has elapsed. The key lies in the Daimler side. In addition to the joint venture with Foton, Daimler and other projects were jointly approved by the National Development and Reform Commission. Prior to this, Daimler had a case of failed cooperation negotiations in China. Therefore, the approval time was a bit long and he hoped to achieve results within the first half of this year.
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