In an article published today by Bloomberg, DaimlerChrysler is reporting that it plans to boost its purchase of car parts in China to $840 million by 2008 as it expands local production.

DaimlerChrysler, who currently spends approximately $100 million a year in Chinese parts and components, produces both the Mercedes E-Class and Jeep SUV's in the China.  The company also has plans to produce the Chrysler 300C in Beijing later this year, as well as licensing the manufacture of minivans in the southern Chinese city of Fuzhou.

According to Till Becker, chairman and chief executive officer of DaimlerChrysler's northeast Asia operations, "As we continue to expand production of passenger cars and commercial vehicles in China with our partners, the amount of parts and components we are sourcing in China will increase exponentially.''

To learn more, head over to Bloomberg for the full article.