Dana Axles for Beiqi Foton
The vehicles to be released two years from now by the manufacturer will be supplied with axles manufactured locally, at the Fujian Spicer affiliate in Fuzhou, China. The value of the contract awarded to Dana was not disclosed.
"This win demonstrates Dana's growing success in generating new business in China with domestic vehicle makers such as Foton," said Marty Bryant, president of the Dana Light Vehicle Products Group.
"With nearly 20 years of experience in the country, our localized sales, engineering, advanced manufacturing, and supplier support are helping us meet our customers' needs, and, at the same time, helping Dana to further expand our position in the rapidly-growing Chinese light vehicle market."
Separately, Beiqi Foton posted this week its financial results for the first half of the year, with the numbers showing an incredible 153 percent leap in net profit. The Chinese manufacturer posted a net profit of $168 million, a figure fueled by the increasing demand for its vehicles.
The sales of light trucks manufactured by Beiqi increased to 290,000 units (up 21 percent), while those of medium and heavy trucks nearly doubled, reaching 59,000 units in the first half (86 percent increase).
The carmaker, one of the biggest players on the Chinese light trucks segment, has an annual target of in between 600,000 to 700,000 units for 2010.