Beiqi Foton Motor takes debt to ensure vehicle production capacity
June 12,2008
Beiqi Foton Motor Co plans to buy an affiliate's factory for 9.3 million yuan to ensure supplies of minibuses and minivans.
The truckmaker will also take on 498 million yuan of debt from Beijing Foton Environmental Protection Dynamics Co as part of the deal, it said in a Shanghai Stock Exchange statement.
The plant, which currently makes View minibuses and MP-X minivans for Beiqi Foton, has a capacity of 100,000 vehicles a year.
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