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Old 06-16-2008, 09:39 AM   #31
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Beiqi Foton to finalise Daimler JV after Olympics.

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June 16, 2008 - Beiqi Foton, a major Chinese truck maker, will finalise a planned heavy-duty truck joint venture with Daimler AG after the Beijing Olympics in August, the chairman of Beiqi Foton's parent company said last Thursday.

Beijing Automotive Industry Holding Co Ltd Chairman Xu Heyi told Reuters the 50-50 venture would make 100,000 heavy-duty trucks per year, to be sold domestically and overseas.

He declined to give financial details of the venture.

Xu reiterated that Beijing Auto, which runs a car manufacturing venture with Hyundai Motor, aims for a domestic initial public offering (IPO) before the end of 2009 to raise more than 2 billion yuan ($290 million).

He added the proceeds would be invested mainly in the development of own-brand vehicles.

After focusing on making foreign-branded cars via tie-ups with overseas partners, many domestic automakers are starting to establish their own brands with models developed in-house, hoping to wean themselves from reliance on foreign technology.

In April, Beijing Auto unveiled its first own-brand sedan, named after the Chinese capital city, with mass production scheduled to start in 2010.

More Beijing-branded cars will be rolled out in the next few years, targeting the economy and the mid- to high-end market segments, he said.

FAW Group Corp, a China partner of Volkswagen AG and Toyota Motor Corp, plans to spend 13 billion yuan in the next eight years to develop cars under its own brand.

SAIC Motor Corp, which runs ventures with General Motors Corp and Volkswagen, announced a massive bond issue plan last year to fund the development of own-brand cars -- including building plants to produce up to 270,000 sedans and 320,000 engines per year -- at an estimated cost of 21.4 billion yuan.

Xu added that Beijing Auto was also working on clean-energy cars, but they might not be commercially viable in China in the near term. "The problem with clean-energy cars is whether and when you can start mass production," he said.
From:Reuters
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Old 06-17-2008, 10:56 PM   #32
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a step up for foton, shud be good
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Old 07-16-2008, 05:53 PM   #33
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Foton gets $151m from share placement

2008-07-16

Major Chinese truck maker Beiqi Foton Motor Co said on Wednesday it has raised 1.03 billion yuan ($151 million) from a share placement.


Foton issued 105 million shares to its parent, Beijing Automotive Industry Holding, and four other domestic firms at 9.88 yuan per share, it said in a statement.


The move increased Beijing Auto's stake in Foton to 37.71 percent from 36.43 percent and brought in major Chinese engine maker Weichai Power Co as a strategic investor with a 2.18 percent stake.


Proceeds will be used to fund Foton's engine venture with Cummins Inc and upgrade its commercial vehicle production facilities, it added.


Foton's A shares traded on the Shanghai Stock exchange rose 1.66 percent to 7.33 yuan by mid-morning trade on Wednesday, outperforming a 1.24 drop in the benchmark Shanghai Composite Index.


In April, Foton reached a preliminary agreement to set up a truck-making joint venture with Daimler AG. The two parties will finalise the deal after the Beijing Olympics in August, Beijing Auto Chairman Xu Heyi told Reuters last month.

http://www.chinadaily.com.cn/bizchin...nt_6852231.htm
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Old 07-17-2008, 08:15 AM   #34
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Beiqi Foton H1 sales up 18.8% to 250,400 units

By George Gao From:Gasgoo.comJuly 16, 2008


Shanghai, July 16 (Gasgoo.com) Based on its steady growth since the beginning of 2008, major Chinese truck-maker Beiqi Foton Motor Co sold 32,470 vehicles in June, and its sales in the first half of this year rose by 18.8% year on year to 250,436 units, an achievement that has boosted the company's competitive edge and profit-making capability, reported Beijing Times today.

According to its output and sales data released by the company yesterday, Beiqi Foton sold 32,470 vehicles in June, including 4,551 mid- to heavy-duty trucks, 26,355 light trucks (and mini trucks), 882 light buses, 294 medium- to large-size buses and 388 other vehicles (such as SUVs, MP-Xs).

The truck-maker's sales from January to June totaled 250,436 vehicles, up 18.8% year on year (y/y), which included 38,366 mid- to heavy-duty trucks (up 18.8% y/y), 200,589 light trucks and mini trucks (up 18.0% y/y), 7,943 light buses (up 14.8% y/y), 1,278 medium- to large-size buses (up 35.5% y/y) and 2,260 other vehicles such as SUVs, MP-Xs (up 246.1% y/y).

The sales of light trucks as the Foton's priority products grew steadily, but the sales of its mid- to heavy-duty trucks and light buses grew slower than the segment average of the auto industry. From their small sales before, the companyís medium- to large-size buses, SUVs and MP-Xs achieved huge growth in the first six months this year.

http://www.gasgoo.com/auto-news/7087...400-units.html
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Old 07-17-2008, 11:43 AM   #35
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Foton Cummins venture gets 1.2 bln yuan loans

Shanghai, July 17 (Gasgoo.com) Beijing Foton Cummins Engine Co., Ltd., a joint venture between Beiqi Foton Motor Co. and Cummins Inc., will borrow 1.2 billion yuan ($176 million) to help finance the formation of China's largest maker of Cummins light diesel engines for trucks, said auto.sina.com.cn yesterday.

China Minsheng Banking Corp. and China Construction Bank Corp. will provide the funds, according to a statement distributed to reporters at the loan agreement signing ceremony in a Beijing hotel on Wednesday. This initiative marks a milestone in the fund-raising means of China's largest diesel manufacturer and will lay a sound financial foundation for the joint venture's future development.

Beijing Foton Cummins Engine Co., Ltd. is a 50-50 joint venture of Foton and Cummins. The diesel-engine-making project, with its total investment exceeding 2.7 billion yuan, will have an annual capacity of 400,000 units. The factory will produce mainly Cummins' light-duty, high-performance 2.8-L and 3.8-L clean diesel engines, which will meet stringent emission standards worldwide, including Euro IV and China III.

These engines, to be mass-produced in 2009, will be used primarily in light-duty commercial trucks, pickup trucks, multipurpose and sport utility vehicles. Certain types of marine, small construction equipment and industrial applications also will be served by this engine family. The two Chinese banks have much confidence in the growth of Foton Cummins.

http://www.gasgoo.com/auto-news/7103...uan-loans.html
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Old 07-17-2008, 06:46 PM   #36
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i think based on all these Press releases for foton, they have a shot in US
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Old 07-28-2008, 10:40 AM   #37
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Daimler, Foton to sign truck venture deal in 2 weeks.

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July 28, 2008 - Daimler AG, the world's biggest truckmaker, and Beiqi Foton Motor Co. will sign a preliminary agreement to form a commercial-vehicle venture in China within two weeks as the country's trade growth spurs truck demand.

The venture, based in Beijing, will make Mercedes-Benz trucks, Foton vehicles and Mercedes-Benz engines, said a Foton official, who declined to be identified. The deal will be signed before the Olympics start on Aug. 8, the official said.

Daimler and Foton, China's biggest commercial-vehicle maker, have spent four years seeking a partnership, with earlier plans for an equity tie-up derailed by Daimler's sale of Chrysler LLC. The German automaker, like General Motors Corp. and Toyota Motor Corp., wants to boost sales in China to offset slumping demand in the U.S. and Europe.

"It's great news for both companies," said Yale Zhang, director of CSM Asia in Shanghai. "Daimler can finally make Benz trucks in China and Beiqi Foton will benefit from learning advanced technologies."

China's economy surged more than 10 percent in each of the first two quarters, spurring demand for vehicles to haul goods and construction materials. Truck sales rose 19.3 percent in the first half, outpacing the 18.5 percent increase in overall vehicle sales.

Daimler Expansion

Daimler's expansion in China contrasts with its operations in North America, where it's scaling back production following a 37 percent decline in truck sales last year. The Stuttgart-based company will fire almost half the workforce at a plant in Ontario, it said on July 17.

"We are eager to move forward as soon as possible," said Trevor Hale, a Beijing-based spokesman for Daimler. He declined to comment on the timing. Zheng Gang, Foton's director of public relations, declined to comment.

Beiqi Foton boosted profit sevenfold last year to 388 million yuan ($57 million) after selling more Auman and Ollin trucks. The Beijing-based company aims to more than double annual vehicle sales to as many as 1 million by 2010 from about 400,000 last year.

The truckmaker gained 0.3 percent to 7.44 yuan in Shanghai trading. The company has dropped 43 percent so far this year.

Foton scrapped plans to sell a 24 percent stake to Daimler in December after its stock almost tripled during a yearlong approval process. The company instead raised 1.04 billion yuan selling shares to domestic investors earlier this month.

Daimler also has a venture with Foton's parent, Beijing Automotive Industry Holdings Corp., which makes Mercedes-Benz sedans in the Chinese capital.
From:Bloomberg
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Old 08-08-2008, 01:23 PM   #38
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Daimler, Beiqi Foton announce truck JV deal.

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August 8,2008 - Daimler AG, the world's leading truck manufacturer, and Beiqi Foton, a major Chinese commercial vehicle company, signed a letter of intent on a ceremony Thursday to form a 50-50 trucks joint venture, according to a company statement, cited by Reuters.

The deal, if materialized, will help the JV sell medium- and heavy-duty trucks in China and in overseas markets under Foton's Auman brand, the Reuters report said. Daimler will invest in terms of cash while the Chinese partner will inject its heavy truck assets into the venture.

The JV is awaiting the government approval which it expects to secure in the next 12 months and, about two years after the establishment of the China JV, the two companies will possibly build another in Russia, with more to follow in developing markets such as South Asia and South America in the next three to five years.

About the deal, Ulrich Walker, chairman of Daimler Northeast Asia said, "Today's agreement is a milestone in the commercial vehicle industry. Daimler's technology expertise, global scale and leadership in the high-end truck segment complement Foton's broad distribution in China and leadership in the lower-end truck segment."

Daimler also said it will reconsider buying stakes in Foton if the Chinese government adjusts its auto industry policies in future. Daimler failed in its attempt to take a 24% stake in Foton last year when this effort did not win authorities' approval.
http://www.gasgoo.com/auto-news/7361...k-JV-deal.html
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Old 08-26-2008, 03:50 AM   #39
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Beiqi Foton reports H1 net profit up 61.73%

August 26, 2008

Shanghai, August 26 (Gasgoo.com) In the first half of this year, Chinese truck maker Beiqi Foton Motor Co achieved sales revenue of 18.45 billion yuan ($2.7 billion), a rise of 29.46% year on year (y/y), and its net profit reached 342 million yuan, up 61.73 y/y, or 0.42 yuan per share, xinhuanet.com said today, citing the interim report released by the company.

Foton Motor said that plus the profit of 323 million yuan not divided at the beginning of the year, the total net profit as dividends reach 665 million yuan. The company is planning to add 1.8 yuan in cash to each 10 of the total 916,408,500 shares. Foton's revised net profit for the first half of last year was 211.23 million yuan, or 0.26 yuan per share.

Reuters said on July 24 that Beiqi Foton Motor expected a rise of 50% or more in net profit in the first half of the year, boosted by sales of high-end products and government subsidies. The estimate for the first half was based on unaudited figures. Listed Chinese companies are required to issue preliminary estimates if they expect earnings to rise or fall more than 50%.

Foton Motor and Daimler AG signed a letter of intent on August 7 to form a 50-50 truck-making joint venture. The chairman of the Chinese firm's parent company has said the two parties would finalize after the Beijing Olympics this month. Foton has also agreed to raise stake in a diesel engine JV with Cummins.

http://www.gasgoo.com/auto-news/1007...-up-61-73.html
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Old 09-02-2008, 09:08 AM   #40
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Foton launches 2nd-phase new-energy bus project

September 02, 2008


Shanghai, September 2 (Gasgoo.com) In the run-up to its 12th anniversary celebration, Beiqi Foton Motor has completed the second phase of its new-energy bus project and announced the facility was officially put into operation on August 28, reported Beijing Business Today.

Foton is scheduled to produce 5,000 large and medium buses by 2010, gaining sales revenue of 2 billion yuan with 80 million yuan profit. The company aims to take 4.5% market share and targets the list of top 6 carmakers in China, Foton executives told reporters. As for products, Foton will shift to full-loaded lineup from semi-integral vehicles, poised to build high-end brand models from middle-end brand vehicles.

As the first enterprise which gets hybrid products mass-produced in the domestic market, Foton has delivered 30 Foton Eu-V hybrid buses into operation in Guangzhou earlier this year. The success in the Guangzhou market soon increased demand for the Eu-V hybrid bus.

Foton plans to sell over 500 hybrid buses and develop an annual capacity of 1,500 hybrid buses by 2012, said Liu Guoqiang, vice general manager of Foton Eu-V bus. The launch of the second phase Eu-V bus project has opened a new chapter in Fotonís new energy-vehicle mass-production.

http://www.gasgoo.com/auto-news/1007...s-project.html
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