(Reporter Liu Baoqiang) Yesterday, Foton Motors and Cummins signed a formal joint venture agreement, and both parties will invest 2.5 billion yuan in a commensurate ratio to form Beijing Foton Cummins Engine Co., Ltd.
The Beijing Foton Cummins Engine Project will produce Cummins' new generation 2.8-litre and 3.8-litre light diesel engines, which are expected to be put into production in 2008.
According to plan, this joint venture will be established before the third quarter of this year. However, the company issued an announcement on the 28th saying that affected by the government approval process, Futian and Cummins had to delay the above projects until now.
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