Foton Motor announced that it plans to increase capital of RMB 680 million from Beijing Foton Cummins Engine Co., Ltd. to the joint venture company from 2010 to 2012 to meet the investment requirements for the development of the European V/Euro VI project.
In October 2007, after approval by the National Development and Reform Commission and the Ministry of Commerce, Beijing Futian Cummins Engine Co., Ltd. was incorporated. The registered capital of the project is 1.008 billion yuan and the fixed assets investment is 1.827 billion yuan.
In order to seize market share in overseas markets and expand the space for joint ventures to create long-term and stable development, the joint venture company has signed a European V engine technology licensing contract with Cummins Inc., and plans to sign a further EU VI technology licensing contract in June 2010. The two technology licensing contracts involve compensation fees.
View related topics: Beiqi Futian, Futian Automobile brand value of 22.157 billion yuan
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