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Beiqi Foton branches out into passenger vehicle business
Shanghai. February 26 (Gasgoo.com) - Beiqi Foton Motor Co Ltd, China's largest commercial vehicle manufacturer, is planning to enter the passenger vehicle business. The new business will be financed by profits made from the existing commercial vehicle operation, local media Beijing Morning Post reported today.
"To branch out into sedan making business is our dream,” said Wang Jinyu, General Manager of Beiqi Foton. " Beiqi Foton now has become China’s leading commercial vehicle manufacture and we made 3 to 4 billion yuan last year. We have the money to start our passenger vehicle business,"
Last month, Beiqi Foton released a concept multi-purpose vehicle "Midi", which is referred as “a pilot car model” by Wang.
Last year Foton's sales revenue reached 27.86 billion yuan ($3.87 billion), up 40.53 percent from one year earlier. The automaker's light truck sales rose 11 percent to 319,000 last year, which represents 28.9 percent of China’s light truck market.
"This is the ninth year in a row that Foton has successful defended its top seller position in China's light truck market,” said Zhao Jingguang, Foton's spokesman. "And this is the first time that Foton becomes a top light vehicle seller worldwide."
Last year, a total number of 2.49 million commercial vehicles were sold out in China’s domestic market and Foton grabbed 16 percent of this market.
Meanwhile, Foton exported 30,000 commercial vehicles, up 238.78 percent from one year earlier.
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