Foton to assemble vehicles in the Philippines
Beiqi Foton Motor Co. will assemble passenger vehicles and trucks in the Philippines for sale locally and in other Southeast Asian markets, according to a local media report.
The Chinese company has signed a $20 million (128 million yuan) land lease agreement to build an assembly plant on the island of Luzon, about a two-hour drive from the capital of Manila.
The plant will be built in three years, reported the Philippine Star, a local news portal.
Foton, a major light-vehicle manufacturer, sells imported pickups, vans, minibuses and light trucks through 14 dealerships and 63 service centers in the Philippines.
The company is pursuing aggressive expansion outside China. It is building a truck assembly plant in India. In November, Foton disclosed a plan to build sales outlets in Kenya, Indonesia and Australia.
