Cummins, the world’s largest independent engine manufacturing company, signed a joint venture agreement with Foton Motor yesterday and plans to jointly invest nearly RMB 2.5 billion to build a high-end light engine production base. This is the second Cummins set to drop in Beijing after the sole establishment of Cummins Engine Beijing in 1996. piece.
At this point, Cummins, with China as the largest overseas market, has completed its overall layout in China and is expected to become the largest engine supplier in the domestic truck market.
In Beijing Foton Cummins Engine Co., Ltd., with a registered capital of 1 billion yuan, the joint venture and the two parties will each take up 50% of the company's shares, and will produce Cummins' new generation 2.8 liters and 3.8 liters of light diesel engines. Production is expected to start in 2008 with an annual production capacity of 400,000 units. This is Cummins' only light diesel engine production base outside the United States, and Cummins' largest light engine investment project in China.
It is understood that the two engines of the joint venture company are expected to be put into production with high performance and low emission characteristics, and can meet Euro III, Euro IV and above emission regulations, and can be widely used in light trucks, pickup trucks, SUVs, MPV utility vehicles and small non-compact vehicles. Highway equipment and other fields. Compared with the heavy-duty truck market, the domestic light truck market with a large amount of inventory still lacks high-end engine products. Cummins is targeting a potentially huge market and rushing into the field of light diesel engines before competitors.
“The products of the joint venture company will be used first for Foton Motors and its subsidiary vehicles, and the rest will be sold domestically through the Cummins sales network. The Futian light trucks equipped with Cummins engines will further enhance product quality and brand image. Expand exports, said Zhao Jingguang, spokesman for Foton Motors.
At present, China's auto exports are mostly concentrated in the underdeveloped areas of the automotive industry in Southeast Asia, Africa, and Latin America, while the core areas of the automotive industry in Europe, America, and other countries have kept Chinese cars out of the door with high thresholds for energy conservation and environmental protection. With the Cummins engine equipped with Euro IV or above emission standards, the international competitiveness of Foton Light Trucks will be significantly enhanced, which will help impact the European and American markets.
Cummins, who entered China in the 1970s, has owned 9 enterprises and more than 20 institutions in Hubei, Shaanxi and other places through wholly-owned and joint ventures. It is the largest foreign investor in the Chinese diesel engine industry.
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