Lifan Auto secures $14-mln contract from Philippines
August 12, 2009
Lifan Group, one of China's biggest motorcycle makers and now diversified into car production, has secured a 100 million yuan ($14.6 million) contract from the Philippines government for its 520 sedans, the Shanghai Securities News reports Wednesday.
This contract is the largest deal Lifan has ever won in its history. Under the contract, Lifan will export 2,000 units of its 520 sedan to the country to be used as taxis.
The mid-class 520 sedans are powered by either a 1.3-liter engine or a 1.6-liter engine and Lifan said it sells at about $10,600 in Philippines market, much cheaper than other imported models sold in the country.
The company has set up 10 sales offices in the Philippines in partnership with a Filipino vehicle importing firm.