Foton Motor: Light truck exports increased by nearly 60% year-on-year from January to October

Recently,Foton Motor stated in an institutional survey that its light truck exports increased by nearly 60% year-on-year from January to October 2024. As the company’s foundational business, light-duty trucks cover a wide range of products. In the future, the company will continue to research and develop the next generation of products and new energy products. From a market perspective, technology cooperation with Biagio can be achieved in developed markets such as Europe; Systematically promote localized production in industrialized countries; We will continue to invest in advantageous markets in the Americas and Southeast Asia, deepen operations, and increase market share; We will increase channel development and resource investment in markets such as Africa and South Asia to achieve the improvement of vulnerable regions. In the aftermarket, we will also increase efforts to promote the operation of businesses such as connected cars and used cars.

Regarding the company’s heavy-duty truck business, Foton Motor stated that Latin America, Africa, Southeast Asia, and other regions are the main overseas sales areas for the company’s heavy-duty trucks. From the perspective of market potential in the next two years, first of all, as the US dollar enters the interest rate reduction cycle, demand in all regions of the world is expected to recover. Under the strategic guidance of countries such as the the Belt and Road, demand in Southeast Asia, Africa and other markets is expected to maintain a high growth rate.

Foton Motor has determined that China’s automobile export industry is currently in a growth stage and can continue to benefit from the overall improvement of China’s automobile “Made in China” reputation and existing market foundation next year; The growth of developed economies mainly comes from structural changes in the transformation of old and new driving forces; The economic growth prospects of emerging countries are still relatively optimistic, and the economic growth of developing economies such as emerging markets in Asia, Central Asia, and Africa will drive the development of the commercial vehicle market; The global dual carbon strategy opportunity, coupled with China’s first mover advantage, scale advantage, and industrial chain advantage in new energy commercial vehicles, will drive the brand image enhancement of Chinese commercial vehicles and assist in their export.