Foton Motor Officially Launches Its New NECV Brand "CAVAN"
On January 27, FOTON Motor officially inaugurated its Beijing CAVAN New Energy Vehicle Co., Ltd (hereinafter referred to as "CAVAN Automotive"), a joint venture under Foton Motor for new energy commercial vehicle. Foton Motor proposes that by 2030, Foton Motor's new energy products will account for more than 50 per cent of the total, with the goal of becoming a world-class new energy commercial vehicle company.
In 2022, Foton Motor announced that the company intends to set up Beijing CAVAN New Energy Vehicle Co., with Bosch Venture Capital, Boyuan Jiacheng, Yihua Tong, and Fuyuan Zhihui, with a registered capital of 500 million yuan.
FOTON invested 325 million yuan in the joint venture in return for a 65% stake. Bosch Venture Capital will hold a 10% share in the joint venture while Boyuan Jiacheng will hold an 8.94% share, Yihua Tong holding a 10% stake, Fuyuan Zhihui holding a 5% stake. According to the shareholding ratio, it is evident that FOTON Motors holds the majority stake in the new joint venture.
According to the announcement, the new joint venture company is specialized in the research and development, production, and sales of full electric and hydrogen fuel commercial vehicles, as well as related products such as whole vehicle leasing and date in the industrial ecosystem.
CAVAN Automobile will lay out two technical routes, full electric and hydrogen battery, based on a new energy vehicle platform. It will focus on launching new product ranges including heavy-duty trucks, light-duty trucks and vans, for long&medium haul, urban distribution and high-end logistics scenarios.
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