Foton Motor (600166) announced that the company and the proposed Beijing Futian Daimler Automotive Co., Ltd. signed an "Aulman II Plant Transfer Agreement" in Beijing with an asset transfer price of 3.6 billion yuan. According to the announcement, the difference between the asset transaction price and the book value and taxation on the transfer date of the asset is permitted to be included in the current period proceeds amounting to approximately RMB 700 million.
Foton Motor recently announced that the company and the proposed Beijing Futian Daimler Automotive Co., Ltd. signed an "Oman II Plant Transfer Agreement" in Beijing, and the asset transfer price was 3.6 billion yuan.
The announcement stated that Foton Motor's registered capital of the proposed joint venture was RMB 5.6 billion, which was jointly funded by Foton Motors, Daimler AG and Daimler Northeast Asia Investment Co., Ltd.
It is reported that when Foton Motor and Daimler signed a joint venture company, both parties agreed that the Auman II plant will be acquired by the joint venture company and its products will also be transferred to the joint venture company. Foton Motors announced that Foton Motors will invest 2.8 billion yuan in the assets of the existing detachable assets of Auman's business, accounting for 50% of the registered capital of the joint venture company. The assets will be transferred between the transaction price of the assets and the book value and taxes. The amount of the difference allowed to be included in the current period proceeds is approximately RMB 700 million.
In addition, the company also signed the "Special Tooling, Inspection Tool and Fixture Leasing Agreement" with the joint venture company, and leased the right to use certain special molds, gages and fixtures for the development of the "H4 Truck" related components to the joint venture company. Production of "H4 truck" parts for assembly in mainland China. The joint venture company should pay rent to Foton Motor. The total fixed rent is 572 million yuan. The floating rent is based on the number of H4 trucks actually produced/assembled by the joint venture company multiplied by the single rent of 1143 yuan and 500,000 vehicles as the capping amount. .
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On September 26, 2011, Beijing Futian Daimler Automotive Co., Ltd., a joint venture between Foton Motors and Daimler AG, was formally approved by the Chinese Ministry of Commerce. The new company will be established in October this year. Daimler and Foton Motors are the world's largest and the second largest commercial vehicle manufacturers. This cooperation is a strong joint venture, and the two sides account for half of the shares of the joint venture company. Dr. Cai Che, chairman of Daimler AG, stated that this is an important step in the development of Daimler's global development strategy and localization business.
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