Frankfurt: Daimler invested €271 million ($351 million) in Mitsubishi Fuso Truck and Bus Corp (MFTB), raising its stake in the Japanese venture to 89.3% to tap a rebound in global truck and van markets.
Joint-venture partner Mitsubishi now owns 10.7% of MFTBC, and remains a “strong business partners in Japan and international markets”, the German premium carmaker said on Tuesday.
“The objective of the additional investment is to support growth and business expansion as the global commercial vehicle market continues its recovery from the economic crisis,” it said.
“(MFTBC) focuses on growth and continuing efficiency as a more integral part of Daimler Trucks,” it added.
The unit serves as the Asian arm of Daimler’s own trucks unit, focusing on light trucks and development of hybrid engines. It accounts for more than a third of Daimler’s truck sales.
The Japanese truck maker has been expanding into Russia, India and China to tap into booming growth markets and already has its sights trained on further countries including Iran, Korea and Vietnam.