Schrempp chases China ventures

JURGEN SCHREMPP, the head of DaimlerChrysler, reportedly spent the weekend in China attempting to breathe fresh life into the carmarker's Asian strategy after dumping Japan's Mitsubishi Motors.

Schremmp was said to be seeking to tie up a trio of joint ventures for cars, trucks and vans in the country.

The chief executive, who failed to address reporters after Friday's shock pull-out from Mitshibishi, is due to present details of his revised strategy to a board meeting in New York on Thursday.

DaimlerChysler, which holds 37% of Mitsubishi Motors, said last week it would not pump extra cash into the lossmaking Japanese group.

The US-German carmaker also holds 10% of South Korea's Hyundai Motor, although this too may be scrapped if it complicates an expansion into China.