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NetEase Finance May 25th Foton Motor announced that it plans to increase capital of RMB 680 million from Beijing-based Foton Cummins Engine Co., Ltd. from 2010 to 2012 to meet the investment requirements for the development of the European V/Euro VI project.
In October 2007, after approval by the National Development and Reform Commission and the Ministry of Commerce, Beijing Futian Cummins Engine Co., Ltd. was incorporated. The registered capital of the project is 1.008 billion yuan and the fixed assets investment is 1.827 billion yuan.
The announcement shows that in order to seize the overseas market share, expand the joint venture company's business development space and create a long-term and stable development situation, the joint venture company has signed a Euro V engine technology licensing contract with Cummins Inc. and plans to further sign the Euro VI engine in June 2010. The technology licensing contract and the two technology licensing contracts involve compensation fees.
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