Kelley Platt, the joint venture's CEO, made the announcement at a company event. Zhang Xiyong, general manager at BAIC Group, parent of Foton, announced the investment amount. The companies added that production will start in two years.
Reuters reported that the companies had such a plan last month.
($1 = 6.5607 Chinese yuan renminbi)
(Reporting by Yilei Sun in Beijing and Brenda Goh in Shanghai; Editing by Christopher Cushing)