Beiqi Foton Profits Up 7-fold
Submitted by Bill Belew on Saturday, 2 February 2008No Comment
Beiqi Foton makes Aumark and Olin trucks.
In 2007, the biggest maker of commercial vehicles in China saw its profits jump 7-fold.
Net income was up, sales were up, and all is well in the world.
Well enough, that Foton and Germany's Daimler AG are planning a joint venture for this year.
A plan for Daimler to buy up a 34% stake in Beiqi was scrapped in favor of the JV.
Commercial vehicle sales in China were up 22% to 2.49 million units in 2007.
Beiqi is also expecting Y1.23 billion in a private share placement for this year.
Business prospects are good in China for Beiqi.
Okay, business prospects are good for everyone in China.
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