Daimler says it will raise stake in Mitsubishi Fuso

FRANKFURT: German automobile manufacturer Daimler, also the world's leading maker of heavy trucks, said Tuesday that it would raise its stake in Mitsubishi Fuso Truck and Bus Corporation ( MFTBC) to 89.29 per cent.

Daimler plans to spend 30 billion yen or 271 million euros ($350 million) to add 4.29 per cent to its current controlling stake in the Japanese heavy vehicle group, a Daimler statement said.

"The objective of the additional investment is to support growth and business expansion as the global commercial vehicle market continues its recovery from the economic crisis," it added.

Within the Daimler group, "MFTBC fulfills a key role as the group's Asia pillar, center for lightduty truck competence and Global Hybrid Center," the statement said.