Foton Motor invests in battery leasing venture

Beiqi Foton Motor (SSE:600166) announced a CNY 250 million investment into a joint venture with Eve Energy Co., Ltd. The new company, tentatively named Beijing Foton Eve New Energy Technology Co., Ltd., will focus on battery leasing solutions for Foton's electric heavy truck business, aiming to reduce battery costs and improve profitability. Foton will hold a 50% stake in the joint venture, with Eve Energy holding the remaining 50%. The total registered capital of the joint venture is CNY 500 million. The investment will be made in three tranches, with the final tranche due by December 31, 2028. Foton stated that the investment will not have a significant impact on the company's financial situation and operating results.