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Beiqi Foton profit up sevenfold

Beiqi Foton Motor Co, China's biggest maker of commercial vehicles, boosted 2007 profit sevenfold as the nation's construction boom boosted sales of trucks and pick-ups.

Net income rose to 388 million yuan ($54 million), or 0.48 yuan per share, from 47.6 million yuan, or 0.06 yuan per share, a year earlier, the Beijing-based automaker said in a Shanghai stock exchange statement yesterday. Sales jumped 41 percent to 27.9 billion yuan.

Foton, the maker of Aumark and Ollin trucks, plans to raise as much as 1.23 billion yuan in a private share placement and to form a venture with Daimler AG to tap the country's surging demand for trucks. China's commercial vehicle sales rose 22 percent to 2.49 million last year, according to the China Association of Automobile Manufacturers.

"The company's profit growth may slow this year as last year's jump came from a low base," said Zhang Xin, an analyst at Guotai Junan Securities Co in Beijing. Profit this year may rise 15 percent, or more than 0.50 yuan a share, he added.

Foton fell 1 percent to 12.03 yuan in Shanghai trading on Friday, before the earnings announcement. The stock has more than doubled in the past year.

The truck maker said in December that it would sell shares to domestic investors after scrapping a plan to sell a 34 percent stake to Daimler. Foton now plans to sign a venture agreement with the German company this year.

http://www.chinadaily.com.cn/bizchina/2008-02/02/content_6437626.htm

 

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Beiqi Foton Motor's net profit in Q1 tops 150% year-on-year

By George Gao From:Gasgoo.comApril 03, 2008


Shanghai, April 3 (Gasgoo.com) Beiqi Foton Motor Co. Ltd. said its net profit in the first quarter of 2008 is expected to have grown by more than 150% over the same period of last year.

A filing with the Shanghai Stock Exchange said the company's profit growth was mainly driven by higher sales of high-end vehicles, subsidies from the government, and the selling of some of its shares in Anhui Quanchai Engine Co.

Another statement said Beiqi Foton plans to spend RMB125.48 million ($17.9 million) to buy a 12.45% stake in Beijing Foton Cummins Engine Co, a joint venture with Cummins Inc. The seller is an affiliate company. Beiqi Foton will raise its stake in the venture to 37.45% from the current 25%, while the affiliate will continue to hold a 12.55% stake.

Beiqi Foton Motor is scheduled to release its first quarter financial results at the end of April. The company earned a net profit of RMB66.28 million in the first quarter of 2007.

http://www.gasgoo.com/auto-news/6058/Beiqi-Foton-Motor-s-net-profit-in-Q1-tops-150-year-on-year.html

 

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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/bizchina/2008-07/16/content_6852231.htm

 

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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 company’s 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/Beiqi-Foton-H1-sales-up-18-8-to-250-400-units.html

 

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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/Foton-Cummins-venture-gets-1-2-bln-yuan-loans.html

 

[mememe]

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/1007533/Beiqi-Foton-reports-H1-net-profit-up-61-73.html

 

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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 Foton’s new energy-vehicle mass-production.

http://www.gasgoo.com/auto-news/1007609/Foton-launches-2nd-phase-new-energy-bus-project.html

 

[mememe]

Foton to build truck plant in Sichuan for bigger market

October 09, 2008



Shanghai, October 9 (Gasgoo.com) Chinese truck maker Beiqi Foton Motor Co signed a strategic agreement on October 8 to build a new factory with the government of Deyang city in the southwestern province of Sichuan, reported China Business News today.

Beiqi Foton said the factory, with an investment of 800 million yuan ($117 million) will make light trucks as well as trucks used in civil engineering, and will have an annual capacity of 100,000 vehicles. Construction of the plant will kick off at the beginning of 2009.

After it is built up, the Deyang factory will become Beiqi Foton's only one manufacturing facility in southwestern China and will expand the truck maker's growth in the light truck market of the vast region. In addition, this facility will also considerably reduce the costs of human resources, materials, premises and logistics for the company.

Beiqi Foton now has an annual output of 400,000 light trucks, which are manufactured in Chucheng (Shandong province of eastern China), Beijing (northern China), Changsha (Hunan province of central China) and Nanhai (Guangdong province of southern China). The current light-truck makers in southwestern China are Yunnan Hongta and Chongqing Lifan, both of whom can not compare with Beiqi Foton in terms of capacity and market share.

In 2007, Beiqi Foton's light truck sales rose 11% to 319,000 units, representing 28.9% of China's light truck market, and in the first half of 2008, the company's light truck sales grew by 18% y/y to 200,589 units.

The Deyang city government said that the cooperation with the light truck maker Beiqi Foton is expected to generate annual revenues of 4.5 billion yuan for local companies of auto parts and relevant products.

http://www.gasgoo.com/auto-news/1007971/Foton-to-build-truck-plant-in-Sichuan-for-bigger-market.html

 

[mememe]

Foton Auto sells 31,322 vehicles in September


October 15, 2008
Shanghai, October 15 (Gasgoo.com) On October 15, Foton Auto, China's biggest commercial-vehicle maker, announced that the company’s sales in September reached 31,322 units, and its sales in the first eight months totaled 342,310 units, up 12.4% year on year(y/y), according to Shihua Financial Information report.

In September, Foton sold 4,732 units medium- and heavy-duty trucks (including incomplete vehicles), and the first eight months sales totaled 52,285, up 8.7% y/y. Light truck (including mini trucks) sales reached 25,186 units, with eight-month sales rising 12.7% y/y to 274,127 units.

Last month, Foton’s light bus sold 1,064 units, totaling 11,017 for the previous eight months, a 3.8% year-on-year increase. The large and middle bus (including incomplete vehicles) sold 230 during the month and totaled 1,892 units for the eight months, posting an increase of 39.6% y/y.

For other vehicles such as the SUV and MP-X, sales gained 110 in September, and the accumulative sales reached 2,989 in the January-August period, representing a 155.7% increase y/y.

http://www.gasgoo.com/auto-news/1008038/Foton-Auto-sells-31-322-vehicles-in-September.html

 

[mememe]

Foton Motor to upgrade, expand truck-making

December 03, 2008

Shanghai, December 3 (Gasgoo.com) Beiqi Foton Motor Co. Ltd, the largest commercial vehicle producer in China, has announced that it will invest 2.18 billion yuan ($319 million) in updating its truck technologies, expanding truck-making capacity and developing new pickup and SUV products, said sina.com today.

Of this massive investment, 1.188 billion yuan will be used to set up a medium- and heavy-duty truck manufacturing base in Nanhai city, Guangdong province, to expand Foton's truck production capacity, 682 million yuan will be spent on the project (H4) of updating the medium- and heavy-duty truck products, and 311 million yuan will go to the development of all-new pickup and medium-size (P/U201) SUV products.

In the coming few months, Foton Motor's parent -- Beijing Automobile Industries Holding Co (Beijing Auto, Beiqi) -- will invest 10 billion yuan in three key projects, which include Foton-Cummins Engine venture, and Foton-Daimler heavy-duty truck venture. However, the recent announcement of Foton has not mentioned this JV project.

On August 7, Beiqi Fotn Motor and Daimler AG signed a letter of intent to form a 50-50 trucks joint venture. The deal will help the JV make medium- and heavy-duty trucks for China and overseas markets under Foton's Auman brand. The venture, which is awaiting the government approval and likely to kick off by mid-2009, may expand into making buses.

Last month Beiqi Foton Motor said its board has approved the issue of up to one billion yuan worth of five-year fixed-rate bonds. About 400 mln yuan of the proceeds will be used to pay down bank loans, while the remainder will supplement working capital.

http://www.gasgoo.com/auto-news/1008591/Foton-Motor-to-upgrade-expand-truck-making.html

 

[mememe]

Beiqi Foton to set up subsidiary in Russia

2008-12-05


Chinese truck maker Beiqi Foton is to set up a wholly-owned subsidiary in Russia as part of its overseas expansion efforts, the company said on Thursday.


The subsidiary, with $2 million registered capital, will focus on purchase and sales of automobiles, engineering machinery, internal combustion engines and auto parts, China Business News reported, citing a company insider.


It is the first international cooperation between the Beijing-based truck maker and German automaker Daimler AG, after the two signed an agreement in August to jointly explore the global commercial vehicle market.


"It would be easier for a Chinese brand to go overseas through cooperation with a world renowned auto maker," said the insider. "Chinese enterprises are not approved to set up plants in Russia, but the situation would be better if we join hands with big names like Daimler."


Russia's fast-growing market is strategic for Chinese auto makers to beef up their presence in Central and Eastern Europe, though the process is somehow frustrating due to trade barriers.


Foton expects to make substantial profits in Russia from 2011, when sales in the country are expected to rise sharply.

http://www.chinadaily.com.cn/bizchina/2008-12/05/content_7277313.htm

 

[mememe]

Beiqi Foton Motor gains after winning hybrid buses order

Wednesday, December 31, 2008

SHANGHAI -- Beiqi Foton Motor Co., China's biggest maker of commercial vehicles, rose to the highest in three weeks in Shanghai trading after winning an order for 450 hybrid buses from the Beijing government. The company rose 9.7 percent to 4.97 yuan, the highest since Dec. 10. The stock has declined 62 percent this year.

Beijing Public Transport Holding Co. will take delivery of the buses by the end of next year, Beiqi Foton said in a statement to the Shanghai Stock Exchange today. China, the world's second-biggest oil user, is encouraging automakers to develop hybrid vehicles and fuel cells to help cut emissions and to reduce the country's dependence on oil.

Government-owned Beijing Public Transport will pay 30 percent of the purchase price for the buses within 10 days, Foton said.

http://www.shanghaidaily.com/sp/article/2008/200812/20081231/article_386532.htm

 

[mememe]

China's Foton says clean energy car factory opened in Beijing

1 day ago

BEIJING (AFP) — China's Beiqi Foton Motor Co has launched a five-billion-yuan (730-million-dollar) design and production base for clean energy vehicles in Beijing, the company said Tuesday.

The facility will produce up to 5,000 clean-energy buses and 400,000 fuel-efficient engines a year, the company said in a statement.

The design and production base, backed by the city government, is part of the capital's efforts to fight pollution by reducing car emissions, the company said.

The most prominent investor in green car technology in China is American investor Warren Buffet, who owns a 10 percent stake in another company, BYD Auto, which unveiled China's first mass-produced hybrid electric car in December.

http://www.google.com/hostednews/afp/article/ALeqM5gVgY1B--5KNODQ-TkcET7jfkfm0w