Daimler opens Chinese plant

Daimler opens Chinese plant

STUTTGART (Reuters): Germany's Daimler-Benz AG said on Friday that it had started a joint venture company with a Chinese partner to manufacture buses, in a bid to extend its position in the Chinese market.

The new company, to be based in Guangzhou province, will be called Yaxing-Benz and will be the largest Asian bus manufacturer.

Daimler-Benz and Guangzhou Motor Coach Manufacturer each hold 50 percent in the joint venture.

Yaxing-Benz will have 3,300 workers, building 8,500 buses and 2,000 platforms per year.

Daimler-Benz estimates that the market for buses between 7.5 and 18 tons will grow to 36,000 vehicles per year in the next 10 years.

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