05-01-2007 FAW
Group and South Korea-based Daewoo Bus Corporation signed a memorandum of understanding
on December 21 for the forming of a 50-50 joint venture to produce municipal transit
buses. The
new company will be located at the Dalian division of FAW Bus and Coach Co. Ltd.
in China's northeastern port city of Dalian. FAW
Group and Daewoo Bus Corporation (DBC) will each invest US $10 million in the
new joint venture, which will have an initial annual capacity to produce 1,200
Daewoo-branded city buses. Daewoo
Bus Corporation (DBC), spun off from Daewoo Motor Company in 2002, is a leading
manufacturer of municipal transit buses, intercity buses, and luxury tourist coaches.
The
Dalian division of FAW Bus and Coach Co., Ltd.,
a wholly owned subsidiary of FAW Group, is a
quality manufacturer of municipal transit buses,
intercity buses, and luxury tourist coaches.
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