Beiqi Foton to set up sales unit in Russia

China’s Beiqi Foton Motor Co., Ltd. is establishing a wholly-owned unit in Moscow, Russia. With a registered capital of US$2 million, it will target the Eastern and Central Europe market, one of the fastest-growing overseas auto markets with an 8.8% growth in 2007 from 6.7% in 2005, the company said in the statement. The unit is expected to directly buy vehicles and parts from Beiqi Foton, and sell them through its sales network in Russia. The establishment of the unit not only allows Beiqi Foton to reach the Russian market, but also lays a good foundation for its cooperation with Daimler AG in the international market. (December 5, 2008)