Recently, Foton Motor announced that the company will invest 42.13 million yuan to set up three subsidiaries in Kenya, Indonesia and Australia respectively.
Foton Motor said that the company will invest USD2.4255 million (approximately RMB 15.47 million) to set up a subsidiary in Indonesia, Foton Motor Marketing Indonesia Co., Ltd., and a subsidiary in Indonesia, Foton Motor Marketing Indonesia Co., Ltd.
At the same time, Futian Automobile Australia Pty Ltd will be established. The company will invest 2 million U.S. dollars (about 12.76 million yuan). Australia is a mature and stable growth market, with a larger market for improvement. The establishment of a wholly-owned subsidiary in Australia can fully integrate and utilize overseas resources, thus realizing a new pattern of globalization of tangible and intangible value chains.
In addition, the company will also plan to invest 2,178,000,000 yuan (approximately 13.9 million yuan) to establish a subsidiary in Kenya, Foton Motors Kenya Ltd. According to the announcement, the prospects for the development of the East African market are good, and Kenya’s advantages in regional trade and geographic resources are obvious. Establishing a sales company in Kenya can accurately capture market trends in the Kenyan territories and help improve the brand awareness and after-sales service of Foton Motor, providing Local talent development platform.
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In April 2011, Foton Motors' KD production base in East Africa laid the foundation in Nairobi, Kenya, and became the first Chinese automotive company to establish a production base in the African continent. On April 29, 2011, Foton took root in the Indian market. On this day, Foton Motor held an intentional bookmarking ceremony in India for investment in factories. At present, the Indian project is progressing steadily and is expected to be put into operation in the first half of 2013. By 2015, Foton’s exports will reach 420,000, of which the overseas division will reach 320,000, and overseas factories will achieve sales of 100,000.
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