Latest Automotive News

Subscribe in a reader

Daimler forms venture with India's Hero Group to build commercial trucks

Email   small font medium font large font


The automaker Daimler AG said Friday it has agreed to form a joint venture with India's Hero Group that will build commercial trucks for the burgeoning market in India.

Terms of the agreement were not disclosed.

The deal calls for the local production of ``light-, medium- and heavy-duty commercial vehicles for the Indian volume market.'' The companies expect to make trucks for export at a later stage.

Based in New Delhi, Hero owns more than a quarter of Hero Honda Motors Ltd., the country's biggest motorcycle maker.

Daimler said the deal should close by the end of the first quarter of 2008.

Though known for its automobiles, including Mercedes-Benz, Smart and Maybach, Daimler is the world's biggest truck maker and its brands include Freightliner, Mitsubishi Fuso, Mercedes-Benz, Western Star and Thomas Built buses.

Last year, the company said it sold more than 516,000 trucks, bringing in 31.8 billion euros (US$46.69 billion) in sales.

``The decision to form this joint venture in India marks a milestone in Daimler Trucks' overall strategy to participate in the fast-growing emerging markets,'' said Daimler Trucks chief and executive board member Andreas Renschler.

Hero Corporate Service Ltd. chairman Sunil Kant Munjal said the Indian firm would benefit from Daimler Trucks' know-how and design.

``We can benefit from Daimler Trucks' world class products and technology, and combine those with our own strengths to create winning products for Indian and other global customers,'' he said.

Shares of Daimler were down nearly 1.4 per cent to 65.74 euros (US$96.53) in Frankfurt.

Receive the latest automotive news by email!

Enter your email address:

Related news
The Indian government’s Foreign Investment Promotion Board (FIPB) and the Cabinet Committee on Economic Affairs (CCEA) have both approved the establishment of the Daimler Hero Motors Corporation Ltd. joint venture by Daimler Trucks ...
Contract-signing ceremony in Delhi, India Total investment of over €700 million until 2013 Start of production planned for 2010 Daimler Manager Marc Llistosella appointed CEO of the new joint venture Stuttgart/Delhi – ...
Daimler AG, which sold off most of its Chrysler division earlier this year, has spent US$5.1 billion to buy back more than 49.9 million shares, according to the automaker. The Stuttgart-based maker of ...
FRANKFURT, Germany (AP) _ What's in a name? For German automaker DaimlerChrysler AG, it's a lot of history and a brand identity nurtured carefully for the greater part of a century. When it ...
From Daimler-Benz to DaimlerChrysler and now ... just plain old Daimler. Many shareholders are sighing in relief as DaimlerChrysler goes through the formality of shedding ``Chrysler'' from its letterhead _ a final farewell to ...
The new venture has a projected production capacity of 250,000 cars a year, the companies said in a statement released late Monday. The investment is the latest by the U.S. automaker in ...
MILAN, Italy (AP) _ Fiat Group Automobiles SpA announced Tuesday that it has signed a letter of intent to create a joint venture with Russia's Severstal Auto to build and sell Fiat ...
NEW DELHI (AP) _ Tata Motors Ltd., India's largest automobile manufacturer, said Friday its profit in the most recent quarter rose 26 per cent from a year ago, driven by strong sales ...

Best Investment Newsletter

- 46% in 2008

- invest in the best performing US stocks only and sell them when the uptrend is over

- very easy to follow, simple buy/sell signals

- no need to have investing or trading experience

Find More Now!

Daimler forms venture with India's Hero Group to build commercial trucks
> © 2006-2017 except where otherwise noted