Recently, Foton Motor Co., Ltd. and Beijing Foton Environmental Protection Co., Ltd. signed agreements with Cummins Inc. and Cummins (China) Investment Co., Ltd. to jointly establish Beijing Foton Cummins Engine Co., Ltd. (BFCEC). The total investment of the project is 1.946 billion yuan and the registered capital is 1.019 billion yuan, which is fully available within 3 years. After the joint venture is completed, it will become the only Cummins light-duty diesel engine production base outside the United States.
According to the announcement, Foton Motors and Foton Environmental Power together accounted for 50% of the shares. Among them, Foton Motor's shareholding target will not be less than 25%. Cummins Inc. and Cummins (China) Investment Co., Ltd. account for 50% of the shares. Each party’s investment will consist of one or more of cash, land, plant, equipment or technology.
The joint venture period for all parties is 30 years. The address of the joint venture company is Changping District, Beijing. The joint venture company is expected to be established in the third quarter of this year. The joint venture’s main products are two new engines developed by Cummins for joint ventures and installed on travel utility vehicles, VANs, pickup trucks, medium and light commercial trucks and off-road vehicles, of which the 3.8L engine will be in 2008. The limited production will be realized at the beginning of the year, and 2.8L products will be limited to production in the first half of 2009.
The cooperation between the two sides can be said to be an investment. On the one hand, Foton Motors, as a company that develops a full range of commercial vehicles, has been able to produce several types of engines that can not only be used for its own purposes but also can be supplied to the industry, even though it participates in professional engine production companies such as environmental protection power. With the development strategy of car products globalization, Foton Motors urgently needs to improve the technical level of engine products, master engine production and its technical resources, and invest in domestic production of advanced, efficient, environmentally friendly diesel engines to meet the needs of its own vehicles.
On the other hand, Cummins has had successful cooperation experience in China, but the current focus is only on the cooperation of medium-heavy diesel engines. From the long-term strategy, it is intended to seek out China's leading vehicle manufacturers as a new strategic partner and produce low cost. Low-emission diesel engines are used in light and off-road vehicles.
According to the sales forecast, Foton will purchase the required engines from the joint venture company and use them in the vehicles of Foton and its sub-brands. Cummins will purchase engines from the joint venture company to sell to non-Fukuda OEMs in China and worldwide.
According to the agreement, Foton will prioritize the use of the engine of the joint venture company and further commit to use the total number of vehicles produced by the joint venture company within the power range of the joint venture company. The joint venture will also expand its sales of engines to customers outside of Futian through its marketing organization Cummins East Asia Marketing. The joint venture company shall not use the existing resources of Foton and Cummins in marketing.
The Cummins Distribution Services Network will provide service support for non-Fukuda applications in the Chinese mainland market, and will also be responsible for supporting all overseas market operations, including Foton and Non-Fukuda. Fukuda's distribution network will provide Futian with after-sales support in the Chinese mainland market.
According to statistics, Cummins Inc. is the world's largest independent automotive engine manufacturer headquartered in Indiana, USA, and holds a world-leading position in the design, production, sales and service of diesel and CNG engines.
Cummins Inc. is the largest manufacturer and supplier of diesel engines for more than 50 horsepower in the world. It also produces key components and auxiliary systems for diesel engines. In addition, Cummins also has a technology center and a global sales and service network. Cummins products are leading the world in fuel consumption, emissions and durability. Cummins shares are traded on the New York Stock Exchange ("NYSE") under the symbol "CMI".
Cummins Investment is a wholly-owned subsidiary of Cummins Inc. and is responsible for managing all of Cummins’ investments in East Asia, investing more than US$140 million.
Established in August 1999, Futian Environmental Protection Power is located in Changping District, Beijing. It is a joint-stock company funded by 181 shareholders including Foton Motor, Xingdongfang and Wuxi Weifu. Foton Motor is its largest shareholder. There are 16.19% of its shares. The company’s total share capital is 396 million yuan and its total assets are 1.05 billion yuan. Its leading products include three series of more than 50 kinds of diesel and gasoline engines, including Ao Ling 4JD2.
View related topics: Cummins - world-class engine manufacturer
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