Beiqi Foton to set up a plant in Sichuan

Beiqi Foton Motor Co Ltd<600166>, China's biggest light commercial vehicle maker, has inked an agreement via its parent with the local government to set up a new factory in Southwest China's Sichuan province, said the company in a filing with the Shanghai Stock Exchange on Thursday.

The plant, which will be located in Deyang, nearby the provincial capital Chengdu, will produce 100,000 Forland and Ollin light trucks annually, according to the statement.

In addition, the company plans to double the annual production capacity of its plant in Changsha to 200,000 vehicles, and also mulls to open a new factory in Russia.

The auto maker is expected to produce 500,000 this year, and targets to produce up to1 million by 2010.