Recently, Beiqi Foton announced an announcement that it will jointly invest and build a car production plant project in India with Beijing Futian International Trade Co., Ltd. for a total planned investment of 387 million U.S. dollars.
According to the announcement, Foton Motor intends to invest 0.454 billion rupees (about 620 million yuan), Fukuda Trade will invest 46 million rupees (about 0.06 billion renminbi), and set up Foton Motor India Manufacturing Co., Ltd. Among them, Foton Motors invested 0.454 billion rupees, approximately 620 million renminbi, accounting for 99% of the registered capital of Indian manufacturing companies; Beijing Futian International Trade Co., Ltd. invested 46 million rupees, or approximately 0.06 billion renminbi, accounting for 1%. The goal of capacity building for Indian manufacturing companies is to design double-shift production capacity of 96,000 units/year for the first phase and 120,000 units/year for the second phase. The total investment of the factory is estimated to be about RMB 2.47 billion.
Foton Motors stated that for the vehicle import, the tariff of the Indian government is 24%. To achieve breakthroughs in the Indian market, the company must achieve local manufacturing and procurement. The localization of the entire value chain is the prerequisite for the realization of the strategic goals of India. According to statistics, India is the fourth-largest commercial vehicle market in the world. In recent years, the total import volume of auto products in India has remained at around US$3 billion per year, accounting for approximately 0.4% of the total world trade in automotive products.
It is understood that Beiqi Foton Motor Co., Ltd. (referred to as Foton Motor) was established on August 28, 1996. It is a state-controlled listed company with cross-regional, cross-industry, and cross-ownership ownership. Headquartered in Changping District, Beijing, the company has nearly 8 billion yuan in assets and 26,000 employees. In 2008, the brand value of Foton Motor reached 22.157 billion yuan, ranking third in the Chinese auto industry and ranking first in the commercial vehicle industry.
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