Foton finalize partnership with DaimlerChrysle
Beiqi Foton, shortened for the Beiqi Foton Motor Co., Ltd., finally joins hands with the global auto giant DaimlerChrysler by stakes. On November 30, Foton announced that it will issue another 297007069 shares to DaimlerChrysler which will become the second largest shareholder at Foton with 24% stocks. Therefore, the cooperation in commercial vehicle sector comes true between the two parties.
Foton, was founded on August 28, 1996. It is a state-owned holding company with different types of ownership and a company listed in the stock exchange market. Its business operation extends in various regions and sectors.
Headquartered in Chang Ping District, Beijing,Foton possesses assets exceeding 5 billion Yuan and 28,000 employees. Foton's business units are seen in cities and provinces such as Beijing, Tianjin, Shandong, Hebei, Hunan, Hubei, Liaoning, and Guangdong. And its R&D branches are distributed in Japan, Germany, and Taiwan. Foton, whose brand value exceeds 11.932 billion Yuan in 2005, ranked No.4 in auto industry and No.43 in the "Top 500 China's Most Valuable Brands".
Foton was commended as "a modernized enterprise integrated many reforming achievements" by Jia Qinglin, chairman of CPPCC. It is renowned as "the fastest development and most promising enterprise in China's auto industry". As one of China's 520 key enterprises and one of the backbone enterprises in China's auto industry, Foton has been awarded consecutively with the May 1st Labor Certificate, the Top Ten Enterprises Image in Chinese Machinery Industry, the National Advanced Enterprise in Quality Management, the Model Unit of Capital Spiritual Civilization Construction, the CCTV My Favorite Chinese Brand 2005, the appointed transportation vehicle of space shuttle and satellite for Jiuquan Satellite Launch Center, the Most Potential Independent Brand in China's Manufacturing Industry, and the Best Consumer Relationship in the 2005 Best Corporate Public Image Evaluation.
Backed up by a well-established structure of corporate governance, Foton has, since its foundation, been embarking on the road of making renovations in respect of technology, market and mechanism, thus realizing development on a fast track. It had set a new record of producing and selling 1,000,000 vehicles in the course of eight years in the history of China's auto industry. Foton has been developing rapidly to be the driving force of independent brand and independent creative ability in China's Auto Industry. As the biggest-scale auto manufacturer with the complete range of commercial vehicles in China, Foton possesses the brands of Auman, AUV, View, Saga, Aumark, Ollin, Sup and Forland.
During the 11th Five-Year Planning period, Foton will mainly develop both independent intelligent property right and independent brand, actively promote international cooperation, and cultivate international competitive advantages under the guideline--high quality, low cost, globalization. By 2010, Foton will stand as a million-level commercial vehicle manufacturer and to be a world-class player with oversea sale volume accounting for 20% of total sales.
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