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DaimlerChrysler to set up van venture in China
2007-01-04
Car maker DaimlerChrysler AG (DCXGn.DE)(NYSE:DCX) has received government approval to set up a joint venture to manufacture vans in China, an official Chinese newspaper said on Thursday. The company's Mercedes-Benz brand will form a venture with Fujian Auto industry Group and Taiwan's China Motor Corp. in which the firms will invest more than 200 million euros, the Shanghai Securities News reported, citing sources. The creation of the venture, which is expected to have an annual output of about 40,000 mid-sized and light cars, had been approved by China's Ministry of Commerce, the report said. The firms expect to start manufacturing DaimlerChrysler's Viano and Vito minivans and Sprinter transport vans by the end of 2008, it said. DaimlerChrysler, which competes in China with General Motors (NYSE:GM) and other top global auto makers, already produces Mercedes-Benz cars and other car models in China with Beijing Automotive Industry Holding. Mercedes-Benz will hold 33.78 percent of the venture, the report said. Chrysler said last week it had signed a pioneering deal with China's Chery Automobile Co. to produce a new small car that would be made in China and marketed around the world.
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