On January 27, Beijing CAVAN New Energy Automobile Co., Ltd. ("CAVAN Automotive"), a joint venture under FOTON Motors for new energy commercial vehicles, was officially unveiled.
As early as June 2022, FOTON Motors announced its intention to promote the development of the company's new energy commercial vehicle business by jointly investing with Bosch Venture Capital, Boyuan Jiacheng, Yihua Tong, and Fuyuan Zhihui to establish Beijing CAVAN New Energy Automobile Co., Ltd., with a registered capital of 500 million yuan.
FOTON contributed 325 million yuan, holding a 65% stake; Bosch Venture Capital invested 50 million yuan, holding a 10% stake; Boyuan Jiacheng contributed 50 million yuan, holding a 10% stake; Yihua Tong invested 50 million yuan, holding a 10% stake; Fuyuan Zhihui contributed 25 million yuan, holding a 5% stake. According to the shareholding ratio, it is evident that FOTON Motors holds a leading position in the new joint venture company.
The announcement indicates that the main business of the new joint venture company is the research and development, production, and sales of pure electric and hydrogen fuel commercial vehicles, as well as related products such as whole vehicle leasing and data in the industrial ecosystem. It is noteworthy that FOTON Motors had previously set a target to have new energy account for over 50% of its portfolio by 2030 and aims to become a world-class new energy commercial vehicle company.
Based on this, FOTON Motors has outlined its carbon reduction path and technology roadmap. In terms of new energy products, Foton Motors, through Fuda Automotive, will focus on the development of pure electric, hydrogen fuel, and hybrid technology, accelerating the layout of new energy vehicles. In terms of low-carbon manufacturing, FOTON Motors is advancing distributed photovoltaic power generation, exploring energy storage technologies, and reducing carbon emissions in the production supply chain through green manufacturing processes and green steel technology. At the same time, in compliance with carbon regulations and footprints, FOTON Motors leverages its advantages as a major automaker to promote partners in achieving a zero-carbon, full-industry chain layout in a green manufacturing ecosystem.
