BEIJING--(BUSINESS WIRE)-- Beijing Foton Cummins Engine Company Limited (BFCEC), a 50/50 joint venture between Cummins Inc. (NYSE:CMI) and China's Beiqi Foton Motor Company (Foton Motor) have officially begun production of Cummins light-duty, high-performance ISF diesel engines.
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With a power range from 109 - 170 horsepower, the new ISF2.8 and ISF3.8 have been developed to produce high performance with low weight, making them well suited for light commercial applications such as trucks, vans, and utility vehicles, as well as small construction equipment and industrial applications.
These two clean diesel engines will meet stringent on-highway and off-highway emission standards worldwide, including Euro IV and above. The ISF engines will be supplied to both the China market and to markets outside the country.
Together, Cummins and Foton Motor have invested $146 million in the joint venture. BFCEC will have an annual capacity of 400,000 units. When operating at full capacity, BFCEC will be Cummins' highest volume manufacturing plant and one of the largest light-duty engine manufacturing facilities in China.
"The opening of BFCEC marks Cummins' official entry into China's booming light-duty diesel market. We are honored to take the first step hand in hand with Foton, which is a demonstrated leader in China automotive industry," said Tim Solso, Cummins Chairman and Chief Executive Officer. "By combining our proven technology with a strong local partner, which offers a significant OEM base for our products, Cummins is poised to significantly expand its portfolio of engine products in the important China market, where the Company has enjoyed considerable success over the years."
Foton, founded in , is the largest producer in the light-duty truck market in China, selling more than 329,000 units in . The light-duty truck market in China produced 1.17 million units in .
"We are delighted to be able to complement our vigor and strength with Cummins' expertise and leading technology," said Wang Jinyu, General Manager of Beiqi Foton. "Working with Cummins offers us invaluable access to best-in-class light-duty engines, which will be vital in building the unique competitive advantage of Foton vehicles in the China market, as well as in our efforts to penetrate into the international markets."
BFCEC represents a further expansion of Cummins' product line in China, where the Company already is the leading foreign producer of heavy-duty and mid-range diesel engines. Cummins began licensing its engine technology in China in and formed its first joint venture in the country in . Today, Cummins operates 26 facilities in China - including 15 manufacturing sites - representing all areas of the Company's business.
About Foton Motor
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Beiqi Foton Motor Co., Ltd., established in , has quickly grown into one of China's largest producers in the commercial vehicle industry, and the leading maker of light-duty trucks. Foton's product line includes trucks with payload under 35 tons, light bus, SUV, pickup truck, medium and large buses. With 28,000 employees, Foton produced more than 409,000 total vehicles in . Further information can be found at www.foton.com.cn
About Cummins
Cummins Inc., a global power leader, is a corporation of complementary business units that design, manufacture, distribute and service engines and related technologies, including fuel systems, controls, air handling, filtration, emission solutions and electrical power generation systems. Headquartered in Columbus, Indiana, (USA) Cummins serves customers in approximately 190 countries and territories through a network of more than 500 company-owned and independent distributor locations and approximately 5,200 dealer locations. Cummins reported net income of $755 million on sales of $14.3 billion in . Press releases can be found on the Web at www.cummins.com.
Forward-looking disclosure statement
Information provided in this release that is not purely historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of , including statements regarding the company's expectations, hopes, beliefs and intentions on strategies regarding the future. It is important to note that the company's actual future results could differ materially from those projected in such forward-looking statements because of a number of factors, including, but not limited to, general economic, business and financing conditions, labor relations, governmental action, competitor pricing activity, expense volatility and other risks detailed from time to time in Cummins Securities and Exchange Commission filings.
Source: Cummins Inc.
ELECTRIFIED BY FOTON CATL JOINT E-TECH
As a leading global player in the new energy battery industry, CATL (Contemporary Amperex Technology Co., Ltd.) serves as the strategic partner and supplier of new energy power batteries for FOTON. Over the years, the two parties have maintained a long-standing collaboration, working together to develop new products in response to market demands.
Recognizing the shared consensus on the need for automation and intelligence in the logistics industry amid the global trend toward 'carbon neutrality,' FOTON and CATL jointly established joint venture in , with each party holding a 50% stake. The company will focus on conducting business operations related to new energy battery leasing services. It encompasses innovative business models such as battery swapping partnerships and electric vehicle (EV) battery separation. The primary objective is to accelerate the intelligent development of the new energy sector and create a 'green, intelligent, and interconnected' logistics ecosystem.
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