Beiqi Foton Motor recently announced that the company will jointly invest and establish Foton Times New Energy Technology Co., Ltd. (tentative name) with CATL New Energy Technology Co., Ltd. Jointly develop the new energy scene operation market and enhance the market competitiveness of the company’s new energy business.
The announcement stated that the registered capital of the joint venture company is 200 million yuan, Beiqi Foton intends to contribute 100 million yuan in cash and hold 50% of the equity of the joint venture company, and CATL intends to contribute 100 million yuan in cash and hold 50% of the shares.
Foton Motor stated in the announcement that the establishment of the joint venture will help enhance the market competitiveness of new energy business products and promote new car sales; it will help build a new energy business ecological chain, open up the new energy scene operation market, and gain a higher market share; Master the core resources of batteries and establish core competitive advantages.
