According to foreign reports, China's Beiqi Foton Motor Co., Ltd. has signed a memorandum with the local Indian government to invest approximately US$300 million in the next five years to build a plant and put into commercial production.
On December 10, Sugato Sen, vice president of the Society of Indian Automobile Manufacturers (SIAM), said that Beiqi Futian plans to build a new automobile plant in India for the commissioning of commercial vehicles. . Its claim: "The Indian market has huge business opportunities and it is very attractive to Chinese car companies."
Sujiato said that Beiqi Foton has purchased a piece of land in Chakan, Maharashtra, western India, for use as a factory. SIAM President Vishnu Mathur confirmed that Beiqi Foton was in the process of building a factory in Chakan.
It is reported that Beiqi Foton has signed a memorandum of understanding with the government of Maharashtra. In the next five years, a factory will be built locally with a total investment of 16.7 billion Indian rupees, according to the latest exchange rate of approximately 307 million U.S. dollars. The new plant will launch commercial vehicle models in the future, including medium and heavy trucks and passenger cars.
Mathura also said that Beiqi Foton currently has applied for membership of SIAM.
In addition to Beiqi Foton, Great Wall Motor also plans to enter India and set up factories there. Sujiato pointed out that both Chinese automakers are planning to take the path of independent expansion and conduct business in India through wholly-owned subsidiaries.
Foreign media believes that the move of Chinese car companies to expand in India will enhance the diversity of their growth and make it easier to achieve breakthroughs in the Chinese auto market gradually becoming saturated.
Beiqi Futian executives have not yet responded to the above report. However, Indiaâ€™s Economic Times stressed that on the official website of Beiqi Foton, the company has set targets for entering five major countries by 2020, including India.
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