Mercedes 2003 Annual Report Download - page 17
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Please find page 17 of the 2003 Mercedes annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.Important projects for the Commercial Vehicles division were the
new Viano/Vito van family, the successor to the Sprinter and a
new school bus for the US market. 26,700 people were employed
in our research and development departments at the end of 2003.
(See pages 68 f).
Concentration on automotive business. Our strategy of
concentrating on the automotive business and related services
was continued in 2003.
Effective December 31, 2003, DaimlerChrysler sold the engine
manufacturer MTU Aero Engines to the financial investor Kohlberg,
Kravis and Roberts & Co. Ltd. (KKR).
Furthermore, DaimlerChrysler and ThyssenKrupp Automotive
agreed in November 2003 that ThyssenKrupp Automotive would
initially acquire 60% of Mercedes-Benz Lenkungen GmbH
(a producer of steering components) and the remaining 40% after
a period of at least two years.
Further development of strategic partnerships in Asia. In March
2003, DaimlerChrysler acquired for €764 million a direct holding
of 43% in Mitsubishi Fuso Truck and Bus Corporation (MFTBC), which
had been spun off from Mitsubishi Motors Corporation (MMC) in
January 2003. MFTBC is Japan’s market leader in commercial
vehicles with a market share of about 30%, and also has a strong
presence in the countries of South East Asia. By expanding its
presence in Asia, our Commercial Vehicles division is implementing
its strategy of profiting from its significant scale and will further
extend its position as a global market leader. In January 2004, we
agreed with our partners from the Mitsubishi Group that Daimler-
Chrysler would acquire another 22% of the shares in MFTBC.
In September 2003, DaimlerChrysler AG and Beijing Automotive
Industry Holding Company Ltd. (BAIC) signed a pioneering new
framework agreement. This agreement covers the restructuring of the
existing joint venture, increased investment and the production
of Mercedes-Benz C-Class and E-Class passenger cars. In addition,
the framework agreement covers cooperation between
DaimlerChrysler and Beiqi Foton, in which BAIC is the main share-
holder, on the production of heavy and medium-duty trucks
(including the Mercedes-Benz Actros range) as well as engines
and additional components for the Chinese market.
In December 2003, the Chinese State Development and Reform
Commission approved an application to establish a joint venture
between DaimlerChrysler, the Taiwanese China Motor Corporation
and the Chinese Fujian Motor Industry Group. This joint venture
plans to produce the Mercedes-Benz Sprinter and the new Viano/
Vito van family in an all-new plant with an annual capacity of
40,000 units in Fuzhou City in the province of Fujian, starting at
the end of 2005.
| 1312
In millions
2003
€€
6,614
2,939
2,487
1,006
76
121
7,14 5
2,495
3,155
1,263
95
137
2002
Investments in Property, Plant and Equipment
In millions
2003
€€
5,571
2,687
1,689
1,013
182
5,942
2,794
2,062
959
127
2002
Research and Development Expenditure
2003
US $
2003
US $
8,332
3,702
3,133
1,267
96
152
7,018
3,385
2,128
1,276
229
DaimlerChrysler Group
Mercedes Car Group
Chrysler Group
Commercial Vehicles
Services
Other Activities
DaimlerChrysler Group 1
Mercedes Car Group
Chrysler Group
Commercial Vehicles
Other Activities1
1 Excluding MTU Aero Engines.
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