Beiqi Foton

Chinese vehicle manufacturer's 2011 profits slump

Chinese vehicle manufacturer's 2011 profits slumpBeijing, March 2 - Beiqi Foton Motor Co., one of China's largest commercial vehicle manufacturers, said Friday that its profits slumped nearly 30 percent year-on-year in 2011 due to falling sales.

The company's profits decreased to 1.15 billion yuan ($182.54 million), while revenues slid 3.45 percent to 51.65 billion yuan, according to a statement filed to the Shanghai Stock Exchange.

Earnings per share stood at 0.546 yuan. Shareholders will be paid 1.2 yuan in dividends for every 10 shares they hold, Xinhua quoted the statement as saying.

China’s Foton planning to set up an Indian unit

China’s Foton planning to set up an Indian unitWhile the debate between the biggest market among India and China is still on as experts are giving their own point of views to support both the options, China's Beiqi Foton Motor Co, a Daimler AG partner, is believed to be planning for a plant in the Indian market that will be capable of producing 1 lakh unit per annum.

According to the sources familiar with the matter, the company has already established an Indian team for the same is now hunting for a location in the country for its operations.

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