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MarketScreener Homepage  >  Equities  >  SHENZHEN STOCK EXCHANGE  >  Faw Car Co., Ltd.    000800   CNE000000R85

FAW CAR CO., LTD.

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Daimler to revamp China plant to make Actros trucks as sales surge

11/13/2020 | 01:57am EST
FILE PHOTO: The Daimler logo is seen before the Daimler annual shareholder meeting in Berlin,

BEIJING (Reuters) - Germany's Daimler AG and its China commercial vehicle partner Beiqi Foton Motor Co plan to invest 2.75 billion yuan (316.68 million pounds) to build Mercedes-Benz-branded Actros heavy trucks for the first time in China, a document showed.

The partners plan to revamp plants at their joint venture Beijing Foton Daimler Automotive (BFDA) in China's capital Beijing and add a production line, giving the plant a capacity of 50,000 Actros trucks a year, according to the construction document posted on the venture's website.

A source familiar with the matter said the companies plan to embark on the revamp next year.

Foton had no comment and Daimler did not immediately respond to Reuters queries about the project.

Shares in Foton jumped by their maximum 10% daily limit and were headed for their best day since Oct. 13 after the Reuters report.

All Mercedes-Benz trucks currently sold in China are imported and priced significantly higher than the venture's domestically made Auman trucks.

The truck joint venture sold 111,788 Auman trucks, which have Daimler's technology input, in the first 10 months this year, up 55% from same period last year.

Reuters reported the expansion plan in August last year. Sources familiar with the matter later said the progress was slow, citing product and supply chain planning, regulation approvals and the impact from the COVID-19 pandemic.

Daimler said in 2016 it planned to make Actros trucks in China by the end of the decade but has not since publicly given updates.

Daimler, which has a passenger car joint venture with Foton's parent BAIC Group [BEJINS.UL], sold around 700,000 passenger cars in China last year. Its chief executive said last month China will remain Mercedes-Benz's biggest growth market in the next decade and it will adjust production locations to capture shifts in demand.

Overall truck sales in China, the world's biggest auto market, jumped 24% between January and October to 3.87 million units, driven by government investment in infrastructure and as buyers upgraded to comply with tougher emissions rules.

But the market is largely dominated by local companies including FAW's Jiefang, Dongfeng Motor and Sinotruk, which offer more price-competitive products.

International truck makers including MAN SE and Volvo trucks have engine partnerships with local companies.

(Reporting by Yilei Sun and Brenda Goh; Editing by Kim Coghill)

By Yilei Sun and Brenda Goh


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
AB VOLVO 0.56% 214 Delayed Quote.9.80%
BEIQI FOTON MOTOR CO., LTD. -3.07% 2.84 End-of-day quote.-9.84%
DAIMLER AG 2.52% 58.89 Delayed Quote.-0.61%
DONGFENG MOTOR GROUP COMPANY LIMITED 0.94% 8.6 End-of-day quote.-4.87%
FAW CAR CO., LTD. -3.24% 10.74 End-of-day quote.-8.05%
MAN SE 1.11% 45.45 Delayed Quote.5.26%
SINOTRUK (HONG KONG) LIMITED 0.00% 23.5 End-of-day quote.18.69%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) -0.22% 6.4707 Delayed Quote.-0.04%
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Financials
Sales 2020 105 B 16 163 M 16 163 M
Net income 2020 3 871 M 598 M 598 M
Net cash 2020 21 999 M 3 400 M 3 400 M
P/E ratio 2020 11,6x
Yield 2020 1,32%
Capitalization 49 508 M 7 640 M 7 651 M
EV / Sales 2020 0,26x
EV / Sales 2021 0,29x
Nbr of Employees 8 000
Free-Float 14,5%
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Mean consensus OUTPERFORM
Number of Analysts 4
Average target price 13,47 CNY
Last Close Price 10,74 CNY
Spread / Highest target 58,3%
Spread / Average Target 25,4%
Spread / Lowest Target -53,4%
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Chang Qing Liu General Manager & Director
Yu Xin Yang Securities Representative
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