AUBURN HILLS, Mich. — As part of a plan to expand its truck operations in Asia, DaimlerChrysler AG will pay $1.14 billion for stakes in the truck divisions of Mitsubishi Motors and Hyundai.
The Germany-based truck giant will pay Mitsubishi $744.4 million for 43 per cent of its Fuso truck unit, and $391.8 million for a 50 per cent stake of Hyundai’s truck unit. The new South Korean truck company will be called Daimler Hyundai Truck Corp.
Expansion into Asia, the world’s fastest growing commercial vehicle market, is one of Daimler’s major goals. Over the next 10 years, Daimler expects Asia will account for 50 per cent of all commercial vehicle sales, up from 43 percent currently.
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