Gasgoo.com (Shanghai May 24) - Beiqi Foton, one of the country's largest bus and truck manufacturers, announced that it will be investing 1.2 billion yuan ($184.8m) to construct a production site in Zhongshan, located in Guangdong's Pearl River Delta, Shanghai Securities News reported today. The factory will primarily produce the manufacturer's new energy vehicles and auto parts.
Foton. alongside the Guangdong Development and Reform Commission, the government of Zhongshan, China Southern Power Grid and technology enterprise Citic Guoan MGL, jointly signed a memorandum of cooperation in developing new energy vehicle technology. The new site is aiming for a production capability of 20,000 new energy vehicles, according to the agreement.
Foton has been in the habit of making dramatic moves lately, with the manufacturer opening a new sales company in India last month. Foton has also signed two agreements with transport companies in Hunan and Beijing.
