2010 Production Target for Daimler-Hero Commercial-Vehicle Partnership
By Ward’s Staff WardsAuto.com, Apr 21, 2008 12:38 PM

Daimler AG and India’s Hero Group close a deal to establish Daimler Hero Motor Corp., a joint venture that will build commercial vehicles beginning in 2010.

The new company will build light-, medium- and heavy-duty vehicles for the Indian market under a new brand name, according to a Daimler statement.

Negotiations are under way with three Indian states to secure agreement on a production site.

Total investment is pegged at €700 million ($1.1 billion) over five years. Marc Llistosella and Amit Chaturvedi are named co-CEOs.