Sep. 13, 2012 (China Knowledge) - Beiqi Foton Motor Co Ltd<600166
>, the largest commercial vehicle producer in China, has recently inked an agreement with Brazil's Bahia state government to set up a new plant in the country.
The new plant will become Beiqi Foton's first manufacturing plant in Brazil.
With a total investment of US$300 million, the new plant will start operation in 2013. By 2017, its annual production capacity is expected to reach 30,000 vehicles with a total employment of about 1,000 workers.
The new plant will produce two commercial vehicles, comprising a light truck and a minibus, said the automaker.
The Chinese automaker produced a total of 400,377 vehicles in the first eight months of this year, reflecting a YoY decrease of 3.3%, while its auto sales for the period amounted to 416,391 units, down 6.7% from a year earlier.