Daimler-Chrysler announced that it secured Chinese government approval for a planned US$1.2 billion joint venture with Beijing Automotive Industry Holding that will manufacture Mercedes-Benz automobiles in Beijing. The proposal for the joint venture project was signed by Chinese Premier Wen Jiabao in Germany. The venture is initially projected to have an annual production capacity of 25,000 Mercedes-Benz C-Class and E-Class sedans.
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