4 days ago
Foton to build truck plant in Saudi Arabia
Beiqi Foton Motor Company is looking to produce commercial vehicles in Saudi Arabia in partnership with its local distributor, Petromin Corporation, as the Chinese truck-maker continues to expand its presence in markets across the Middle East and Africa.
Foton, part of the Chinese state-owned BAIC Group, has signed a memorandum of understanding (MoU) with its local distributor Petromin, the Saudi Ministry of Investment, and the National Industrial Development Center, to explore opportunities to establish a local commercial vehicle manufacturing plant as part of the kingdom's Vision 2030 industrial transformation strategy.
The partners are looking at opportunities to produce a wide range of commercial vehicles, including light, medium and heavy trucks and buses, and to establish a local supply chain. The facility will aim to supply markets across the region.
His Excellency Sheikh Abdullah Al-Dabbagh, chairman and CEO of Al-Dabbagh Group – the parent company of Petromin, said in a statement: 'This step aligns with our ambitions to promote a diversified economy based on industry and technology. We take pride in this partnership with Foton, which is number 1 in the Chinese commercial vehicle market. This partnership acts as a strong catalyst to deliver high-quality commercial vehicles that meet market expectations and support the achievement of Vision 2030 objectives.'
Mr. Chang Rui, Chairman of BAIC Foton, added, 'We are proud of our partnership with Petromin to localize commercial vehicle manufacturing. Through this collaboration, we aim to transfer advanced technology to the Saudi market and provide innovative and sustainable mobility solutions benefiting businesses and consumers alike.'
"Foton to build truck plant in Saudi Arabia" was originally created and published by Just Auto, a GlobalData owned brand.
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