To realize the upgrading and expansion of medium- and heavy-duty trucks, and to invest 310 million yuan in the development of pickup trucks and medium-sized SUVs
Beiqi Foton Motor Co., Ltd. (Shanghai Stock Exchange: 600166, hereinafter referred to as Foton Motor) plans to invest 2.18 billion yuan, which is mainly used for technological transformation and expansion of production capacity of medium- and heavy-duty truck projects, as well as the development of pickup trucks and medium-sized SUV products.
Foton Motor’s announcement on November 14 said that the relevant proposal had passed the voting on the company’s board of directors. Among them, an investment of 682 million yuan was for the medium-to-heavy-card upgrade and replacement product (H4) project, and an investment of 1.188 billion yuan was for the heavy-duty capacity expansion project in the South China Sea.
The company believes that through the construction of the above two projects, it is possible to achieve upgrading and expansion of medium- and heavy-duty truck products, which is of great significance to the company's business development.
In addition, the company will also invest 311 million yuan in the development of new pickups and medium SUV (P/U201) projects. The company believes that small pickups and medium-sized SUVs are one of the major models of light commercial vehicles. The development of small pickups and mid-size SUVs and the rationalization of product strategic layout will help improve the company's competitiveness.
Foton Motors is the largest manufacturer of commercial vehicles in China and the largest commercial vehicle manufacturer in Asia. It ranks second only to Mercedes-Benz in the global commercial vehicle market. In 2007, Foton Motor sales reached 400,000 vehicles, an increase of 16.9% year-on-year.
According to the semi-annual report of 2008, the company sold 250,000 vehicles in the first half of the year, a year-on-year increase of 18.8%.
On August 7, 2008, Foton Motor and Daimler signed a letter of intent in Beijing. According to the letter of intent for cooperation, the cooperation between the two sides in China through the establishment of a Chinese medium-heavy-card joint venture will be concentrated in the medium-to-heavy truck area, and may extend the cooperation to fields such as Foton Bus Products. However, the items involved in this announcement are not the joint venture projects mentioned above.
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