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12-06-2007
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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