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Foton Motors has taken a crucial step in the Russian market and laid the foundation for international cooperation with Daimler AG (hereinafter referred to as Daimler).
On December 4, Foton Motor issued an announcement saying that the company's board of directors deliberations agreed to set up a wholly-owned subsidiary in Russia, Russia Fukuda Automobile Co., Ltd. (tentative name) in cash.
The relevant person in charge of Foton Motor introduced to the "First Financial Daily", which is mainly engaged in the procurement and sales of automobiles, construction machinery, internal combustion engines and other products and components.
In recent years, China's auto companies have been blocked frequently in Russia, but they have enjoyed a good momentum of growth in Central and Eastern Europe. Among them, Russia has developed overseas in China’s auto industry due to its large market size, rapid growth rate, wide radiation and strong demonstration effect on surrounding markets. It occupies an important strategic position. Therefore, "We will not give up the Russian market." The above official told reporters.
According to the planning of Foton Motor, the Russian market is not only an important overseas market in the future, but also one of the focuses of cooperation with Daimler. The announcement stated that the establishment of wholly-owned subsidiaries in key strategic markets such as Russia, Iran, Brazil, and India will move sales, services, products, and decisions forward, also in order to achieve the goal of supporting the follow-up globalization strategy.
On August 7th this year, Foton Motors and Daimler signed a "Letter of Intent for Cooperation" and the two sides will carry out global strategic cooperation on commercial vehicles.
This is only the first step in the cooperation between the two parties. The relevant person of Foton Motors' controlling shareholder Beijing Automotive Industry Holdings Co., Ltd. revealed to reporters that in the future the two parties will also establish companies in countries such as Russia, Brazil and India.
“In cooperation with world-famous brands, China’s own brands are easy to open in overseas markets.†The above-mentioned sources told reporters, “Now Chinese companies are not approved for building factories in Russia, but they join hands with big brands such as Daimler, and government approval is very strong. It's easy."
According to the announcement, the registered capital of Russia Foton Motor Co., Ltd. is 2 million U.S. dollars, or approximately 13.66 million yuan, and is the general manager of Foton Motor deputy general manager Dong Ocean.
Foton Motor believes that the new company may face fierce competition from domestic Russian manufacturers and well-known foreign companies at the initial stage of its establishment, which will lead to a decrease in the sales price of products and thus a reduction in the profitability of the company. However, starting in 2011, with the significant increase in sales, the profits obtained will also increase substantially.
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