Foton sets up China's first green energy car base

Commercial vehicle manufacturer Beiqi Foton Motor Co., Ltd. (SHSE: 600166) set up China's first renewable energy vehicle design and manufacturing base in Beijing on December 28, 2008.

Covering an area of 66.67 hectares, and having a total investment of 5 billion yuan, the base is designed to produce 5,000 passenger cars consuming substitutive and renewable energy, and 400,000 high-power energy-saving engines per year.

Currently, Beiqi Foton has four design and manufacturing engineering centers for hybrid and electric cars, hydrogen battery, and high-power energy-saving engines, which serve the company's serial products of large, and medium passenger cars, and light-, medium-, and heavy-duty trucks, revealed Xu Heyi, chairman of both Beiqi Foton and its controlling shareholder Beijing Automotive Industry Holding Co., Ltd.

The same day, Beijing Bus Group inked an agreement with Beiqi Foton, to purchase 800 hybrid passenger complete cars and chassis. The Chinese government is believed to input more than 20 billion yuan in the future four years to subsidize consumers who buy renewable energy vehicles.