Beiqi Foton lays foundation for new multi-purpose vehicle plant

Chinese auto maker Beiqi Foton has laid the foundation for a new multi-purpose vehicle plant in Miyun, a suburb of Beijing, with a total investment of three billion yuan (US$439.25 million). The new plant will mainly produce Beiqi Foton’s independent brand new-energy vehicles. According to an insider, the auto maker is planning on five major projects in the coming two years, as an important step towards globalized development. The Miyun plant is the first project among the five. Upon completion of all the five projects by 2012, Beiqi Foton is expected to be capable of producing one million complete vehicles and one million engines a year. (December 24, 2009)