China Investment Advisory Network News Foton Motor announced that it plans to increase capital of RMB 680 million from the Beijing-based Foton Cummins Engine Co., Ltd. in 2010-2012 to meet the investment requirements for the development of the European V/Euro VI project.
In October 2007, after approval by the National Development and Reform Commission and the Ministry of Commerce, Beijing Futian Cummins Engine Co., Ltd. was incorporated. The registered capital of the project is 1.008 billion yuan, and the fixed assets investment is 1.827 billion yuan.
The announcement showed that in order to seize the overseas market share and expand the space for joint ventures to create a long-term and stable development, the joint venture company has signed a European V engine technology licensing contract with Cummins Inc. and plans to further sign the Euro VI engine in June 2010. The technology licensing contract and the two technology licensing contracts involve compensation fees.
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