The joint venture between Futian and Daimler was passed unanimously

Foton Motors announced on the evening of September 26 that the company’s joint venture with Daimler AG and Daimler Northeast Asia Investment Co., Ltd. to produce mid- and heavy-duty trucks and their engine projects was approved by the company’s shareholders’ meeting. For Beijing Futian Daimler Automotive Co., Ltd.

The company’s shareholders’ meeting agreed to the “Joint Venture Contract” signed between Foton Motor and Daimler AG and Daimler Northeast Asia Investment Co., Ltd. on July 16, 2010. Foton Motor’s existing Auman Medium and Heavy truck business can split assets by The assessed value was RMB 3,162 million and agreed to use the "Fukuda" trademark license joint venture company in China.

According to the contents of the previously announced contract, the joint venture project is a medium and heavy-duty truck and engine project with a total investment of 6.350 billion yuan. The company is jointly established with Daimler AG and Daimler Northeast Asia Investment Co., Ltd. Of which, the project has a capital of RMB 5.6 billion, and Foton Motor will invest 50% of the existing Auman business assets equivalent to RMB 2.8 billion; Daimler AG and Daimler Northeast Asia Investment Co., Ltd. will be equivalent to cash in US dollars. Inputs, which account for 40% and 10% of the shares, respectively.

The company's shareholders' meeting authorized the managerial department to negotiate with Daimler in the framework of the "Joint Venture Contract" and sign related agreements. Authorized the directors of Wang Jinyu and Zhang Xiyong to sign agreements and documents other than those reported to the Ministry of Commerce, and authorized Zhang Xiyong’s directors to handle relevant matters for government approval.

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