Beiqi Foton Motor (600166) established a joint venture with Sichuan Theng Heavy Engineering Machinery in Shifang City, Sichuan Province, reports China Securities Journal, citing a company filing.
Foton will invest 20 million yuan in the joint venture for a 25 percent stake. The venture will focus on manufacturing and sales of special vehicles, with planned annual capacity of 5,000 vehicles. It will contribute annual sales of 1.5 billion yuan after completion.
Foton also signed cooperative agreements with the Shifang Government to build its southwest vehicles and parts production base in Shifang City within five to ten years.
