To be more specific, the company’s profit for 2009 reached a figure of $152.3 million (for the January-December period), as compared to the $50.6 million figure posted by the company in 2008. Beiqi Foton is owned by Beijing Auto.
The producer’s sales saw a 47 percent year-on-year increase in 2009, managing to reach 602,021 units. In terms of sales, the company is China’s number one commercial vehicles producer. Beiqi Foton’s total revenue surged 49.1 percent last year, reaching $6 billion. In 2008, the company registered a total revenue of $4.4 billion.
But while the company did well on the domestic market, its exports fell 15.3 percent last year. Beiqi Foton only managed to export 24,443 vehicles in 2009, due to a decreasing demand on multiple markets.
The company is planning to expand its business during the current year: Beiqi Foton is currently building a plant in Miyun county, Beijing, that will serve for the producer’s passenger car development. The production site requires a $440 million investment and will have a annual production capacity of 200,000 cars.
The commercial vehicles maker recently announced that it will form a join-venture with Daimler AG. The new business will produce medium and heavy-duty trucks in China, using Daimler technology.