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News from Beiqi Foton Motors Co., Ltd reports that it will enter the new energy auto market in short term. Its cooperative partners are Pulead Technology Industry Co and Dongguan-based technology firm. Foton will invest total 10 million ($1.46 million) Yuan and the other two technology companies will invest 41 and 25 million Yuan respectively. After the new company setting up, it will become the largest lithium battery producer in China and the company will engage in design, research and development, manufacture and distribution of power cells.
Foton will take more efforts to new energy vehicles in future. Mr. Zhu Xuedong, the analyst of Industrial Securities, says Foton wants to hold the first position in emerging market on new energy vehicles and making profits is not their top priority now. Auto experts predict that China will be the largest electric vehicle market in the world.