FOTON, EVE Energy to establish joint venture to advance new energy heavy-duty truck business

Shanghai (Gasgoo)- On May 26, Chinese commercial vehicle maker FOTON announced plans to establish a joint venture with EVE Energy, aiming to accelerate the development of its new energy heavy-duty truck business.

The new company, tentatively named Beijing Foton EVE New Energy Technology Co., Ltd., will be formed with a registered capital of 500 million yuan, equally funded by both parties—250 million yuan each—granting each a 50% ownership stake. The final company name is subject to approval by regulatory authorities.

Photo credit: FOTON

The partnership is designed to expand FOTON's presence in the new energy heavy-duty truck segment by offering diversified battery leasing solutions, helping reduce the cost of power batteries and improve profit margins in the sector.

According to the announcement, the joint venture will allow FOTON and EVE Energy to jointly explore market opportunities and address growing customer demand for flexible battery leasing services. FOTON believes the move will enhance the competitiveness of its new energy heavy-duty truck products and boost vehicle sales. Additionally, it positions the company to secure critical battery resources and build a strategic advantage in the industry.

FOTON’s latest production and sales data highlights the strong momentum in its new energy vehicle business. In April 2025, the company sold 8,193 new energy vehicles, compared to 2,705 units during the same period last year. Cumulative sales from January to April reached 33,755 units, marking a year-on-year surge of 180.66%.

To further drive the electrification of heavy-duty trucks, FOTON recently partnered with Huawei Digital Power to tackle key challenges in the sector, such as long charging times and low operational efficiency for heavy-duty commercial electric vehicles.

Battery manufacturers including CATL, Gotion High-tech, and EVE Energy are actively capitalizing on the growing demand in the electrified commercial vehicle segment.

Earlier this month, on May 9, EVE Energy held its inaugural Commercial Vehicle Battery Technology Day, where it outlined its technological roadmap and strategic focus in the new energy commercial vehicle sector. The company also unveiled eight open-source battery products designed to meet the diverse operational needs of microvans, light-duty and heavy-duty trucks, intercity transport, buses, and construction machinery.