China's leading commercial vehicle maker Beiqi Foton Motor Co., Ltd. (600166.SH) will invest 3 billion yuan to establish Beijing Foton Multifunction Motor Co. to expand its passenger car business, said the automaker on Friday. The subsidiary will be responsible for passenger car's technological transformation project, involving a total investment of 4.724 billion yuan.
The original output of Beijing multifunction motor plant will be kept unchanged at 180,000 units. The plant will change 100,000 units of output into sedans and maintain 80,000 units of passenger car output. Foton Motor noted that as domestic commercial vehicle market became mature, its growth would slow down. Under the circumstance, the company planned to expand passenger car market in a bid to realize its goal to become a world-leading automaker.
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