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Foton - Innovation Inspires Core Power
In China's automotive industry, the growth of Beiqi Foton is nothing short of a miracle. Starting from a small company with an initial equity of just over 100 million yuan, it quickly rose to become a leading player in the sector, achieving nearly 30 billion yuan in annual sales within just ten years. From being an unknown name to becoming "China's top commercial vehicle brand," Foton Motors achieved this incredible transformation in a remarkably short time.
When asked about the secret behind its rapid development during an interview with “Sohu 2008 Made in China,†Wang Jinyu, the general manager of Foton Motor, emphasized that continuous innovation was at the core of their success. This mindset has been a driving force throughout the company’s journey.
Foton Motor was officially established on August 28, 1996, in Beijing. Despite starting with a modest registered capital of 141.4 million yuan, the company faced fierce competition from well-established players with decades of experience. Wang Jinyu recalled that there was no other choice but to embrace reform, focusing on technological and managerial innovation to grow stronger and stand out in the industry.
In 1998, Foton successfully listed on the Shanghai Stock Exchange, connecting the automotive industry with the financial market. The launch of its first car model, the "Fukuda Small Card," marked a significant shift from agricultural vehicles to automobiles. This milestone helped Foton establish itself as a key player in the commercial vehicle market.
By 2007, Foton had sold 401,900 vehicles, generating sales revenue of 27.865 billion yuan. Its commercial vehicle sales ranked second globally—only behind Mercedes-Benz—and first in Asia.
Foton Motor defines its innovation strategy as “integrated knowledge and linked innovation.†The creation of Foton itself exemplifies this approach. In 1996, the story of “100 Fook Futian Fields†became a notable tale in the auto industry. The company brought together 100 legal entities, including 55 main engine suppliers and 45 distributors, spread across 13 provinces and regions. This network created a strong value chain and fostered innovation across the entire automotive supply chain.
In recent years, Foton has consistently increased its R&D investment. Deputy General Manager Yan Xuebin mentioned that the company's independent innovation accounts for 3.5% to 4% of its sales revenue, with an average annual growth rate of 153%, placing it among the industry leaders.
Looking ahead, Wang Jinyu shared Foton’s vision based on the “Eleventh Five-Year Plan.†By 2010, the company aimed to sell one million vehicles, with 20% of sales coming from overseas. Revenue was expected to reach 80 billion yuan, positioning Foton as a top-tier automotive enterprise in Asia and a globally recognized brand.
Topics related: Beiqi Futian, Futian Automobile brand value of 22.157 billion yuan.