BEIJING –Beiqi-Foton Motor Co., Ltd. (Beiqi-Foton) has signed an MOU with India’s Maharashtra Industrial Development Co. to jointly establish an automobile industrial park in Maharashtra, according to a report on cvworld.cn.
The MOU was signed on September 18 during Chinese President Xi Jinping’s visit to India.
By setting up the automobile industrial park in Maharashtra, India, its first wholly-owned overseas manufacturing facility, Beiqi-Foton aims to localize vehicle production completely in the country.
The new factory will focus on light commercial vehicles in the first phase of development, and will start producing medium and heavy-duty trucks in 2023.
Besides India, Beiqi-Foton also plans to establish manufacturing facilities in Russia, Brazil, Mexico and Indonesia, each with annual output capacity of 100,000 vehicles by 2020 as part of its “2020 Strategy.”