Foton to March into Indian Market

www.chinabuses.org: Foton Motor Company announced that it would invest 387 million USD (RMB 2.47 billion Yuan) to build a automobile manufacturing factory in India with Foton Trade Company.

Foton Motor Company would invest 4.554 billion INR (RMB 620 million Yuan) and Foton Trade Company would invest 46 million INR (RMB 6 million Yuan) to establish Indian Manufacturing Company, the output of which would be 96 thousand units per year in the first phase and next 120 thousand units per year. Total investment expected to be RMB 2.47 billion Yuan.

Foton Motor Company said CBU tariff of India was 24% and local manufacturing & purchasing were vital to the breakthrough in Indian market. Data shows India is the fourth biggest market of commercial vehicles and total I/E volume was 3 billion USD per year, accounting for 0.4% of global automobile trade.

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