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Beiqi-Foton to start passenger car business

BEIJING – Beqi-Foton, Chinese commercial vehicle manufacturer controlled by BAIC Group, announced to start passenger car business due to continuously decreasing share of commercial vehicles in the Chinese automotive industry which was only 15 percent this year, the company said in a statement on October 29.

“Competition pattern in the Chinese passenger vehicle sector has not yet been in shape and the sector will still be in a golden growth period in the next 10 years,” the company said in the statement. “The passenger vehicle sector, which is estimated to be mature in China around 2030, will have great development potential.”

BAIC Motor, which is BAIC Group’s subsidiary focusing on passenger vehicle production, may acquire Beqi-Foton’s passenger car business or merge Beqi-Foton to deal with possible horizontal competition in the future, according to the statement.

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