Foton Put 2 billion Yuan in Weifang for New Energy Vehicle Research

www.chinatrucks.com. The cooperation agreement between Foton and Weifang municipal government was signed on Nov.19,2012. 2 billion Yuan will be invested by Foton to build the research center in Shandong province with the R&D of new energy vehicle and engine as the key products. It was the move after the 6.5 billion investments in the first stage of multifunction vehicle factory in Shandong province.

As introduced by Wang Jinyu, general manager of Foton, the multifunction vehicle factory in Shandong combined production and R&D of vehicles and parts. The construction began in last Feb. and 6.5 billion Yuan was invested at the first stage with standard productivity of 225,000 units. The factory was conducted with trial production in Oct. and will be put into official operation in Jan.2013. The factory will become the production base for the productivity of 1 million units in the following 10 years.

The general research center is the main body of Foton for independent innovation, in charge of the concept design, engineering development and trial test. The center will invest 2 billion Yuan and 1,000 staff in the new energy vehicle and engine. As planned, sales of Foton will reach 4 million by 2020 with the total revenue of 500 billion Yuan.

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