| DaimlerChrysler opens first Chinese factory for Mercedes, Chrysler sedans |
BEIJING, Sep. 15 (AP) -- DaimlerChrysler AG on Friday formally opened its first factory in China, where it will make Mercedes Benz and Chrysler sedans, joining a rush of foreign automakers scrambling to gain a foothold in China's booming car market.
DaimlerChrysler said the factory in suburban Beijing is part of a €1.5 billion (US$1.9 billion) investment in China. The German-U.S. automaker is a latecomer to manufacturing in China, which has become the world's second-largest car market after the United States, with 7 million new vehicle sales a year.
General Motors Corp, Volkswagen AG, Toyota Motor Corp. and other competitors already make cars in China.
The DaimlerChrysler factory is to produce Mercedes E-Class and Chrysler 300C sedans as well as Mitsubishi's Outlander sport utility vehicles. The factory has an annual capacity of 25,000 Mercedes and 80,000 Chrysler and Mitsubishi vehicles, according to the company.
The factory is a joint venture between DaimlerChrysler and a Chinese partner, government-owned Beijing Automotive Industries Corporation.
An Qingheng, chairman of Beijing Automotive, said the joint venture hopes to eventually produce 300,00 vehicles a year in China.
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