By Kim Richters 
 

Daimler Truck AG said Wednesday that it will start the production of heavy commercial vehicles with its joint-venture partner Beiqi Foton Motor Co. Ltd. in China.

The companies will produce the trucks for the Chinese market through their joint venture Beijing Foton Daimler Automotive Co., Ltd., which will invest more than 485 million euros ($581.8 million) for the acquisition of a plant and the set-up of new infrastructure and production lines.

"China, the world's largest truck market, is of utmost importance to us and has become one of our important markets for future growth," Daimler Truck Chief Executive Martin Daum said.

Write to Kim Richters at kim.richters@wsj.com

(END) Dow Jones Newswires

December 02, 2020 05:02 ET (10:02 GMT)