Foton Motor assesses 2024 improvement and returns plan

Beiqi Foton Motor assessed its 2024 strategic plan implementation amidst a domestic market downturn and intense price competition. While overall vehicle sales decreased by 2.68% to 614,100 units, market share slightly increased to 15.86%. The company anticipates a significant drop in net profit, down approximately 92% due to challenges in the heavy truck market and H6 (Mercedes-Benz) business investments. Foton is prioritizing its new energy vehicle strategy, with sales increasing by 35% to 54,100 units. International expansion remains a core focus, with exports growing 17.33% to 153,400 units. R&D spending reached RMB 1.51 billion, representing 4.2% of revenue. The company repurchased and cancelled 86,363,108 shares to improve investor return, and achieved an A-level rating in the Shanghai Stock Exchange's information disclosure assessment. The company emphasizes ESG practices, and has also built a system for talent cultivation and long-term incentives.