Foton ties up with Tengzhong
Beijing-based Foton Motors plans to form a joint venture with Sichuan's heavy machinery company Tengzhong to produce special vehicles for medical, engineering and other purposes, it announced last week.
Foton Motors will hold a 25 percent stake in the new company, with Tengzhong taking the remaining 75 percent.
Foton also plans to build an additional vehicle and auto parts plant in Sichuan with a planned investment of 3 billion yuan in the next five to 10 years.
Tengzhong attempted to acquire the Hummer brand from GM last year, but failed to receive approval from China's regulators.
