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Foton Motor announced today that the company’s board of directors reviewed the proposal for the Weifang Automobile Plant construction project.
The announcement said that the company plans to invest 795 million yuan to build Weifang Automobile Factory in Weifang City, Shandong Province. The company will establish Beifang Automobile Factory of Beiqi Foton Motor Co., Ltd. as the main implementation subject of the plant construction; and set up Beifang Sales Co., Ltd. of Beiqi Foton Motor Co., Ltd. to undertake the sales of products manufactured by the Weifang plant.
Foton Motor stated that in 2009, the company achieved sales of more than 600,000 vehicles. However, the company’s existing capacity utilization is already in saturation, in order to effectively alleviate the bottleneck of production capacity and meet the company’s market demand and the 12th Five-Year Strategic Business Plan. The company plans to build Weifang Automobile Factory in Weifang City, Shandong Province. (Wei Mengjie)
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