The Beijing Motor Vehicle Holding Company Wednesday announced that a joint-venture contract on the production of Mercedes-Benzes in Beijing had been approved by the Ministry of Commerce.
The new production plant will be built with an investment of 602 million US dollars. The Beijing Motor Vehicle Holding Company, located in the Beijing Economic and Technological Development Zone, holds 50 percent of the stake, while two German companies own the other half.
Apart from Beijing Jeeps, the new plant will start producing Mercedes-Benzes later this year. The latest products of Damler-Chrysler will also be introduced to China.
(Xinhua News Agency June 16, 2005)