Foton & Piaggio Group signed an agreement for the development of light commercial vehicles
On May 15, 2018, Foton Motor and light-duty commercial vehicle product in Italy. This agreement was signed jointly by the Vice President of Foton Motor Group and CEO of Foton International, Mr. Chang Rui, and the Chairman and CEO of Piaggio & C. S.p.A. (PIA.MI), Roberto Colaninno.
Vice President of Foton Motor Group and CEO of Foton International Mr. Chang Rui and the Chairman and CEO of Piaggio Group Roberto Colaninno signed a final contract in Italy for the development and production of a new range of four-wheel light commercial vehicles
Since 2016, Foton Motor and Piaggio Group have signed a Memorandum of Understanding and a Framework Agreement in succession. The final signing of this agreement symbolizes that the two parties have sufficiently completed the project feasibility analysis and officially entered the implementation stage of new product development. The European market is an important sector for the global layout of Foton Motor. The new product development project with Piaggio Group this time is not only a strategic solution of Foton’s global diversification but also demonstrates Foton’s resolution for the expansion of European market.
Piaggio Group is the largest motorcycle manufacturer in Europe, with the production and sales volume of two-wheel motorcycles ranking first in the European market, and it is expanding rapidly in the field of three and four-wheel light-duty commercial vehicles. In 2017, its global sales volume of commercial vehicles hit 176,800 units.
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