After several years of expansion, Foton Motor has become China's largest commercial vehicle company. With the completion of the Cummins Engine Project, the outsourcing of core components will gradually improve.
Policy boosts performance
From January to May this year, sales of Foton Motor increased by 8% year-on-year. Based on good expectations for the commercial vehicle market in the second half of the year, Foton Motor plans to hold a mid-to-mid-term working meeting in mid-late July to increase the annual business plan for 2009 from the 426,000 set at the beginning of the year to 500,000. about. According to the data released by Foton Motor, the biggest contribution to sales growth is light truck products. As the main product of Foton Motor, the sales volume of light trucks reached 198,866 units in the first five months, a year-on-year increase of 14.1%, accounting for 84.44% of the total sales volume. After the second quarter of 2009, the performance will continue to remain high. The light truck sales situation will continue. The heavy truck business will rebound from the bottom in the second half of 2009. The contribution of new energy passenger vehicles will be reflected in the second quarter. The implementation of fuel tax, reduction of purchase tax, and clear specifications of “automobiles to the countryside†will drive the continued strong sales of light trucks, which is expected to become the best period for corporate profits in the second quarter. The “car to the countryside†policy that was introduced earlier adopted the “rebate†method for light truck products. Because the agricultural vehicles do not have a license, farmers do not have a driver’s license and other reasons, the policy is not operational, and there is almost no stimulating effect on sales of light trucks. However, in early June, the Ministry of Finance stated that it also subsidized farmers' "new purchases" of light trucks and micro-cards, which would greatly stimulate the sales of young cards in the second half of the year.
Taizhongzhong takes orders again
The company is one of the few companies that have won orders for new energy buses in China. On June 20th, Taiwan's Chengyun Automobile Company and Foton Motor formally signed a purchase contract for the purchase of 75 Euro V hybrid new energy passenger cars. The Euro V new energy bus will first land in Taiwan in the near future. On the same day, Foton Motor also delivered new energy automotive products to 3 domestic vehicle units such as the Xicheng District sanitation department in Beijing. Foton Motor Co., Ltd. started research and development of new energy vehicles in 2003. Currently, its new energy vehicles have achieved industrialization and commercialization. Hydrogen fuel cell buses, hybrid buses, and electric sanitation vehicles are at the leading domestic level. Among them, hydrogen fuel cell buses continue to serve Beijing traffic after successfully serving the Olympics. In addition to achieving large-scale operations in Beijing, hybrid buses have been sold to Guangzhou, Shandong, Zhejiang, Tianjin and Taiwan, and are the first in the country. Achieved the commercialization of new energy vehicles.
On January 11, 2008, 30 Futian Euro V hybrid buses were officially delivered to Guangzhou First Bus Company, which opened the prelude to the commercialization of hybrid buses in China. On December 28, 2008, Beijing Public Transport Group and Foton Motor signed a purchase agreement for 800 vehicles and chassis for hybrid city buses. This is by far the largest purchase order for new energy vehicles in China. In May 2009, Foton Motors had already delivered 50 new energy buses to Beijing Public Transport and it has been put into use.
The early intervention of incremental capital in this stock is more obvious, the stock price has risen steadily, and it has taken the lead in creating a new rebound. Recently, the price of oil has risen, the automobile sector has been under pressure, the stock price has oscillated and the short-term high technical indicators have been corrected. Under the favorable conditions such as the revitalization of the auto industry, new energy vehicles and the automobile to the countryside, the outlook for the market is broad.
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