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Foton - Innovation Inspires Core Power
In China's automotive industry, the rise of Beiqi Foton is nothing short of a miracle. Starting from a small company with just over 100 million yuan in equity, it grew into an industry leader with 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 remarkable success in a short time.
When asked about the secret behind its rapid growth during an interview with “Sohu 2008 Made in China,†Wang Jinyu, the general manager of Foton Motor, emphasized the importance of continuous innovation. He explained that from the very beginning, Foton faced well-established competitors with decades of experience. To survive and thrive, the company had no choice but to embrace reform, focusing on technological and managerial advancements to grow stronger.
Foton Motor was officially incorporated in Beijing on August 28, 1996, with a registered capital of 141.4 billion yuan. Despite the limited resources, the company managed to break through in a highly competitive and capital-intensive industry. The establishment of Foton Motor was not just about starting a new business—it was a bold move to integrate knowledge and drive linked innovation across the entire supply chain.
In 1998, Foton Motor successfully listed on the Shanghai Stock Exchange, marking a significant milestone in connecting the automotive industry with the financial market. That same year, the company launched its first passenger car model, "Fukuda Small Card," which marked its successful transition from agricultural vehicles to the broader automotive sector. This move helped Foton establish a solid position in the commercial vehicle industry.
By 2007, Foton had sold 401,900 vehicles, generating 27.865 billion yuan in revenue. Its commercial vehicle sales ranked second globally—only behind Mercedes-Benz—and first in Asia. This achievement highlighted Foton’s growing influence in the global market.
Foton Motor describes its innovation strategy as "integrated knowledge, linked innovation." The formation of Foton itself is a prime example of this approach. In 1996, the story of "100 Fook Futian Fields" spread throughout the automotive industry. The company brought together 100 legal entities, including 55 main engine suppliers and 45 distribution companies, spread across 13 provinces and municipalities. This network created a strong value chain and fostered innovation across the entire industry.
In recent years, Foton has significantly increased its R&D investment. According to Yan Xuebin, the deputy general manager, the company’s independent innovation spending averages between 3.5% and 4% of sales revenue, with an annual growth rate of around 153%, placing it at the forefront of the industry.
Looking ahead, Wang Jinyu shared Foton’s ambitious vision for the future. Under the "Eleventh Five-Year Plan," the company aimed to sell one million vehicles by 2010, with 20% of sales coming from overseas. Revenue was expected to reach 80 billion yuan, positioning Foton as a top-tier Asian automaker and a globally recognized brand.
Related topics: Beiqi Futian, Futian Automobile brand value of 22.157 billion yuan.