Photo shows commercial vehicles of Foton at a sales center in Munshiganj, Bangladesh on March 9, 2021. Foton vehicles are gaining popularity in Bangladesh, pickups in particular. (Xinhua)
BEIJING, Dec. 6 (Xinhua) -- Chinese commercial vehicle manufacturer Foton Motor announced on Monday that it planned to join hands with battery giant Contemporary Amperex Technology Co., Ltd. (CATL) to form a joint venture (JV) on the new energy battery leasing business.
The JV will have a registered capital of 200 million yuan, in which each of the companies will own 50 percent shares, according to the announcement.
The establishment of the JV will help improve the market competitiveness of Foton Motor’s new energy products, promote the sales of new vehicles, and exploit the new energy operation market, Foton Motor said.
Foton Motor is a supplier and service provider of logistics vehicles, such as heavy trucks and buses, and core components, including engines and transmissions.
Headquartered in Ningde, east China's Fujian Province, CATL is China's leading automotive lithium-ion battery maker.(Edited by Yang Yifan with Xinhua Silk Road, yangyifan@xinhua.org)
A single purchase
