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Foton Motor announced on the 6th that the company intends to increase capital of 340 million yuan in cash from Beijing Foton Cummins Engine Co., Ltd., including a capital increase of 165 million yuan in 2010 and a capital increase of 175 million yuan in 2011. According to industry sources, after the capital increase, the funding gap of Foton Cummins Engine will be filled to ensure the healthy development of the joint venture company.
The three companies added a total of 680 million yuan
Beijing Foton Cummins Engine Co., Ltd. is a limited liability company jointly established by Foton Motors, Cummins Inc., and Cummins (China) Investment Co., Ltd. The three companies added a total of 680 million yuan to the joint venture company. In addition to Foton Motors, Cummins Limited added 68 million yuan in total, including 33 million yuan in 2010 and 35 million yuan in 2011. Cummins (China) invested a total of 272 million yuan in investment, including 132 million yuan in 2010 and 140 million yuan in 2011.
According to the announcement, the sales of the joint venture company were lower than expected due to the lagging actual implementation of the national emission standards. In addition, due to the investment requirements for the development of Euro V and Euro VI standard engines, the accumulated funds of joint ventures from 2010 to 2012 were short of 680 million yuan. Since it does not possess its own hematopoietic function, Foton Motor intends to increase the capital of the joint venture company in order to resolve the shortage of funds.
After the capital increase, the registered capital of the joint venture will reach 1.688 billion yuan, of which Foton Motor will contribute 844 million yuan, accounting for 50% of the registered capital; Cummins (China) will invest 675 million yuan, accounting for 40 of the registered capital. %; Cummins Co., Ltd. contributed 169 million yuan, accounting for 10% of registered capital.
Foton Motor stated that through this capital increase, it can fill the financing gap of the joint venture company during the period from 2010 to 2012, ensure the healthy development of the joint venture company, and protect the company’s rights as an investor.
Accelerate power layout
As early as 2008, Foton Motors, the world’s largest independent engine manufacturer, established a joint venture with Beijing Cummins Engine Co., Ltd. to produce 400,000 top-ranking light-duty diesel engines each year. The joint venture company is not only the first Sino-foreign joint venture of Foton Motors, but also the only production base of Cummins outside the United States that produces light-duty diesel engines. In June 2009, the joint venture company officially went into production.
Vehicles equipped with Foton Cummins engines need to undergo a market entry, acceptance and digestion process. At present, the 3.8L light diesel engine produced by the joint venture company has achieved mass production, and has increased at a speed of more than 50%. In particular, the first quarter of this year showed a strong upward trend. With the commissioning of 400,000 Futian Cummins 2.8L and 3.8L light-duty diesel engines, Foton Motor will gradually complete its power layout in the global automotive market. The Cummins engine with international leading level will provide a more robust heart for Foton light trucks. Enhance the international competitiveness of Foton light trucks.
In the first quarter of this year, Foton Motor achieved operating revenue of 13.854 billion yuan, an increase of 81.4% year-on-year, an increase of 8.9% from the previous quarter; and a net profit of 519 million yuan, a year-on-year increase of 179% and an increase of 53% from the previous quarter. The company plans to produce 80-100 million cars by 2010, and its revenue will reach 60-80 billion yuan. By 2015, production and sales will reach 1.5 million, and operating income will exceed 120 billion yuan.
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