Foton injects 34 million euros to Beijing Foton Cummins Engine Co., Ltd
(chinatrucks.com, May 7, 2010) It is disclosed by Foton on May 6, 2010 that Foton will inject 34 million euros to Beijing Foton Cummins Engine Co., Ltd, and 16,500,000 euros will be injected in 2010, and 17,500,000 in 2011. Financial deficit of Foton Cummins Engine will be bridged after the cash injection, and it will guarantee the sound development of JA.
The public announcement shows that sales volume of JA is lower than the expectation because of the delay enforcement of national emission standard. Moreover, accumulated financial deficit of JA between 2010 and 2012 is 68 million because of the investment demands of Euro V and Euro Ⅵ standard engine development. The injection event can fill the financial deficit between 2010 and 2012 of JA, and it can guarantee the sound development of JA and maintain the authority of Foton as the investor.
At the moment, 3.8L light diesel engine produced by JA has been realized batch production, and it has been sequential increasing over 50%. As 400,000 Foton Cummins light diesel engines with 2.8L and 3.8L put into production, Foton is to complete power distribution of global auto market step by step.
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