Jun. 14, 2012 (China Knowledge) – Beiqi Foton Motor Co Ltd<600166>, China's largest commercial vehicle manufacturer in China, plans to set up its first passenger vehicle manufacturing plant in Miyun County, Beijing, to enter the passenger vehicle market.

The automaker said that it is restructuring its multi-function car factory in Miyun County and aims to begin producing passenger vehicle by 2015.

According to Foton Motor's 2020 strategy, the automaker expects to realize an annual output capacity of 4 million units with annual sales revenue of RMB 500 billion by 2020.

In the first quarter of this year, the Chinese automaker saw its operation revenue declined 7.84% YoY to RMB 13.54 billion. However its net profit for the period skyrocketed 225.61% than a year earlier to RMB 1.42 billion.