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MarketScreener Homepage  >  Equities  >  Shanghai Stock Exchange  >  Beiqi Foton Motor Co., Ltd.    600166   CNE000000WC6

BEIQI FOTON MOTOR CO., LTD.

(600166)
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Daimler, Foton say will start making Mercedes Benz trucks in China

12/02/2020 | 02:44am EST
FILE PHOTO: The Daimler logo is seen before the carmaker's annual shareholder meeting in Berlin

BEIJING/SHANGHAI (Reuters) - Germany's Daimler AG and its China commercial vehicle partner Beiqi Foton Motor Co Ltd will invest 3.8 billion yuan ($579.21 million) to make Mercedes Benz-branded heavy duty trucks in Beijing, the companies said on Wednesday.

Kelley Platt, the joint venture's CEO, made the announcement at a company event. Zhang Xiyong, general manager at BAIC Group, parent of Foton, announced the investment amount. The companies added that production will start in two years.

Reuters reported that the companies had such a plan last month.

($1 = 6.5607 Chinese yuan renminbi)

(Reporting by Yilei Sun in Beijing and Brenda Goh in Shanghai; Editing by Christopher Cushing)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
BEIQI FOTON MOTOR CO., LTD. -1.01% 2.93 End-of-day quote.-6.98%
DAIMLER AG 0.05% 59.07 Delayed Quote.2.21%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) 0.00% 6.4845 Delayed Quote.-0.49%
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Financials
Sales 2019 46 966 M 7 247 M 7 247 M
Net income 2019 192 M 29,6 M 29,6 M
Net Debt 2019 10 952 M 1 690 M 1 690 M
P/E ratio 2019 69,7x
Yield 2019 -
Capitalization 18 980 M 2 928 M 2 929 M
EV / Sales 2018 0,59x
EV / Sales 2019 0,52x
Nbr of Employees 22 767
Free-Float 58,2%
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Managers and Directors
NameTitle
Yue Qiong Gong General Manager & Director
Xi Yong Zhang Chairman
Hong Jin Xing Chairman-Supervisory Board
Yan Mei Li Chief Financial Officer
Yuan Xian Shang Director
Sector and Competitors
1st jan.Capitalization (M$)
BEIQI FOTON MOTOR CO., LTD.-6.98%2 928
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