DaimlerChrysler buys Chinese commercial truck company

China is the fastest growing market in the world and it's gobbling up autos at a prodigious rate. Every global automaker wants a piece of the pie and the one's that moved quick and early to enter the market, like General Motors and Volkswagen, are reaping the biggest rewards right now. DaimlerChrysler, however, is pursuing another plan to shovel some of that Chinese Yuan in its trunk. The German-American automaker announced today it has bought 24 percent of Beiqi Foton Motor Co., which produces commercial trucks and pickups in China, for $104 million. With China's entire infrastructure of roads, buildings and utilities rapidly expanding, the demand for construction equipment, specifically commercial vehicles like the trucks and pickups made by Beiqi Foton, is expected to rise, too. Of course, the deal needs to be approved by not only Beiqi Foton shareholders, but also Chinese regulators. Good luck with that.

[Source: Automotive News]