Revving the engine
By Jin Jing |
May 7, 2010, Friday
|
Print Edition
Print Edition
BEIQI Foton Motor Company said yesterday it will inject 340 million yuan (US$50 million) into its engine venture, Beijing Foton Cummins Engine Co, by the end of next year to ease the company's funds shortage.
Beiqi Foton plans to pump in 165 million yuan into the joint venture in which it holds 50 percent this year, according to a report to the Shanghai Stock Exchange. It will invest another 175 million yuan into the company in 2011.
The venture faces a funds shortage of 680 million yuan over the next two years due to lower sales in 2009 and on developing the Euro V and Euro VI engines.
Beiqi Foton plans to pump in 165 million yuan into the joint venture in which it holds 50 percent this year, according to a report to the Shanghai Stock Exchange. It will invest another 175 million yuan into the company in 2011.
The venture faces a funds shortage of 680 million yuan over the next two years due to lower sales in 2009 and on developing the Euro V and Euro VI engines.
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