DaimlerChrysler AG said today that it has purchased a 43% stake in Mitsubishi Fuso Truck and Bus Corp. for $767.7 million U.S. to boost its presence in the Asian truck market.
Mitsubishi Motor Corp, in which DaimlerChrysler holds a 37% controlling stake, would retain 42% of the shares in the truck unit, while other Mitsubishi Group companies would hold the remaining 15%.
"By investing directly in the Mitsubishi Fuso Truck and Bus Corporation, we have made an important move in Asia, a move which should help us enhance our position as the world market leader over the long term," said Eckhard Cordes, head of DaimlerChrysler's commercial vehicles division.
According to news sources, Mitsubishi Fuso, which has a 30% market share in Japan, will also help DaimlerChrysler cut costs by using shared components and jointly developing new vehicles.
DaimlerChrysler added that it plans to purchase 50% of Hyundai Motor Corp.'s commercial vehicles unit, but no official word has been released.