Beiqi Foton Motor Co, one of China largest commercial vehicle makers announced to cooperate with DAIMLER AG, the world's biggest truck maker. Both sides plan to form a 6.35-billion-yuan (US$929 million) venture in Beijing to make trucks and engines, Foton said in a statement to the Shanghai Stock Exchange yesterday.

Daimler and Foton, China's biggest commercial-vehicle maker, will each own 50 percent of the Beijing Foton Daimler Automotive Co venture, Foton said in the statement. The partners will form the venture in August and start engine production in 2011 and truck production in 2012.