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Foton is planning to build a factory in Sichuan Province
Date:2008-03-28
Chinese truck maker Beiqi Foton Motor Co) said on Thursday it had signed a letter of intent to build a factory with the government of Deyang city in the western province of Sichuan. Beiqi Foton said the factory would make light trucks as well as trucks used in construction work, and have an annual capacity of 100,000 vehicles. It gave no further details. On Wednesday, the company said it had won regulatory approval for a placement of new shares with its state parent and institutional investors that could raise about 1.1 billion Yuan.
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