A few days ago, Zhao Jingguang, deputy secretary of the Party Committee of Foton Motor and spokesman of the press, disclosed at a press conference that it was expected that its plan to establish a joint venture truck and engine with Daimler would be approved before the end of the year. Once the joint venture begins operations, Fukuda is expected to quickly reinforce its weak heavy truck sector and hit new targets.
As early as last August, Daimler and Foton Motor finally reached an agreement in the field of commercial vehicle cooperation. In January this year, Foton and Daimler formally signed an agreement to build a truck joint venture. The total investment of the joint venture company is 6.35 billion yuan, and both Foton and Daimler each hold 50% of the shares. Among them, Daimler will invest in cash and Foton Motor will invest in all the medium and heavy truck business related to Auman.
Unlike previous joint ventures, the joint venture between Foton and Daimler retained the Futian Auman heavy truck brand and agreed to use only the Futian Auman brand. Both parties will use Daimler 's engines and other technologies to help boost Futian Auman's technology.
According to the plan, the joint venture company expects annual sales of heavy trucks will be 100,000 vehicles between 2012 and 2015. Once the joint venture project is approved before the end of this year, the implementation of this plan will be accelerated.
Based on strong alliances, the industry generally prefers joint ventures between Daimler and Foton . Daimler is the world's largest manufacturer of commercial vehicles, and Futian is the leading company in the field of domestic commercial vehicles . Both sides are expected to build a "carrier for commercial vehicles ." However, some analysts believe that it is too early to judge the prospect of cooperation between the two sides, because this form of cooperation has not appeared before.
Guoyuan Securities analysis believes that the performance of Foton will not be significantly improved in the short term. After the establishment of the joint venture company, the medium- and heavy-duty card business will no longer be consolidated, but will be accounted for as investment income based on 50% equity. In the short-term, the net profit contribution from the medium and heavy truck business will be reduced. In the long term, as the joint venture company becomes bigger and stronger Will contribute more revenue.
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