Foton Motor secures big buyers Sinopec, CRCC

Shanghai, February 16 (Gasgoo.com) Beiqi Foton Motor Co., Ltd has recently signed framework deals separately with China Petroleum & Chemical Corp (Sinopec) and China Railway Construction Corp (CRCC) for strategic cooperation in R&D, manufacturing, purchasing, marketing, brand promotion and other sectors of the value chains, xinhuanet.com reported today.

Under the deals, Foton Motor's partnership with Sinopec and CRCC will focus on information and market interaction. Sinopec and CRCC have pledged to keep their information of vehicle needs open to Foton Motor and to select Foton Motor as their top supplier of logistics equipment, construction machinery and commercial vehicles.

China's biggest oil refiner Sinopec and No. 1 maker of railroads CRCC -- two large corporate customers of vehicles in China -- are also expected to cut their costs in the logistics and engineering construction and ensure their reliable products and services by cooperating with the Beijing-based automaker. The two companies are both great players in driving China's economic boom.

A spokesman of Beiqi Foton Motor noted that its cooperation with the two giant state-run enterprises Sinopec and CRCC will open up wider market opportunities for Foton vehicles and boost its vehicle sales. The growth of Foton Motor will also enhance the competitive edge of Beijing's auto industry.

Besides, Sinopec Lubricant Company has conducted all-around strategic cooperation with Foton Motor, Chery Auto, Shougang Group and other Chinese automakers.