DaimlerChrysler AG's plans for a joint venture with China's biggest truckmaker, FAW, to produce heavy trucks in China have failed, sources close to the company toldReuters.
DaimlerChrysler's truck head Eckhard Cordes broke off the talks, which had been going on for two years in China, one of the fastest-growing auto markets and an important part of DaimlerChrysler's truck strategy.
According to an article in the German business daily Handelsblatt, released ahead of publication on Wednesday, the Chinese company was not ready to accept a minority shareholding in the joint venture. DaimlerChrysler will now start to talk to smaller Chinese companies, the paper reported.
DaimlerChrysler declined to comment on the talks.