May 18, 2007 - 10:00 am
"In March we transferred our shares of Yaxing Benz in good faith and friendship to Yangzhou Motor Coach, the other shareholder. We continue to look for other business opportunities," company spokesman Trevor Hale said from China.
He gave no financial terms for the sale.
DaimlerChrysler had to revamp its Chinese plans after Beijing limited foreign companies to two joint-venture projects.
This meant it had to find someone to take over its Yaxing Benz holding so it could move ahead with a venture to make trucks and engines with partner Beiqi Foton Motor Co. It plans to make medium- and heavy-duty trucks with Foton, a project that is still awaiting Chinese regulatory approval.
DaimlerChrysler has said it expects a green light by the year's end to its plans for a stake in Foton. The world's biggest truck maker agreed in November to pay around $104 million for a 24 percent stake in Foton to boost its presence in China.