Foton Motors' Sales Slightly Down 0.57% in First Two Months; BAIC Group Recommends Lu Zhenghua for Bestune General Manager Position to Pursue Transformation

Yangtze Business News ● Yangtze Business Reporter Huang Cong

Despite failing to meet performance targets for several consecutive years, Foton Motor (600166.SH) has shown overall improvement in operations. However, by 2026, the company’s sales have begun to decline again, and they are still in the process of replacing the general manager.

On the evening of March 15, Foton Motor announced that, based on a letter from its controlling shareholder, Beiqi Group, it recommends Lu Zhenghua as the company’s director and general manager. Wu Xibin will no longer serve as director or general manager, and Lu Zhenghua will no longer hold the position of executive vice president.

Notably, Foton Motor’s sales volume in the first two months reached 96,700 units, a slight decrease of 0.57% year-on-year. Among these, sales of new energy vehicles totaled 12,200 units, down 16.9% year-on-year.

Lu Zhenghua Appointed as General Manager

Foton Motor was listed on the Shanghai Stock Exchange in 1998. Its vehicle business covers trucks, large and medium buses, light buses, pickups, and new energy vehicles.

On the evening of March 15, Foton Motor announced that, based on a letter from its controlling shareholder, Beiqi Group, it recommends Lu Zhenghua as the company’s director and general manager. Wu Xibin will no longer serve as director or general manager, and Lu Zhenghua will no longer hold the position of executive vice president.

It is worth noting that the announcement did not comment on Wu Xibin’s previous work performance.

According to available information, Wu Xibin was born in September 1972, is 54 years old, graduated from Wuhan University of Technology with a bachelor’s degree in mechanical design and manufacturing, and has a professional background in the automotive industry.

After graduating from university, Wu Xibin has been working in the automotive sector. In 2016, he was promoted to Vice President of Foton Motor and Executive Vice President of the Commercial Vehicle Group. The following year, he also became the Director of Foton Motor Group’s Engineering Research Institute. In early 2022, Wu Xibin succeeded Chang Rui to become the new general manager.

Lu Zhenghua’s background shows that he has long been involved in Foton’s technology R&D and overseas business, combining engineering expertise with management experience.

Analysts suggest that this appointment is likely related to Foton’s strategic acceleration of new energy transformation and expansion into overseas markets.

New Energy Vehicle Sales Drop 16.9%

During Wu Xibin’s tenure, Foton Motor’s sales have fluctuated.

In 2023, Foton Motor sold 631,000 units, a year-on-year increase of 37.14%. Among these, new energy vehicle sales reached 40,000 units, up 84.04%. The company’s 2024 operational plan aims for sales of 700,000 units (including Foton Daimler).

In 2024, Foton Motor’s sales reached 614,100 units, a decrease of 2.68% year-on-year, accounting for 87.73% of the target. Of these, new energy vehicle sales totaled 54,100 units, up 34.98%. The company’s 2025 plan is to achieve sales of 670,500 units (including Foton Daimler).

In 2025, Foton Motor’s sales reached 650,100 units, a year-on-year increase of 5.85%. Among these, new energy vehicle sales were 101,200 units, up 87.21%. Overall, Foton still did not meet its operational targets for 2025.

In terms of performance, Foton Motor plans to achieve operating revenue of 68 billion yuan in 2025.

Recently, Foton Motor released a earnings forecast indicating that the company expects a net profit attributable to shareholders of 1.33 billion yuan in 2025, an increase of 1.25 billion yuan from the previous year, roughly a 1551% year-on-year increase; net profit excluding non-recurring gains and losses is expected to be 820 million yuan, turning profitable from losses.

Foton Motor stated that the company is firmly advancing its comprehensive internationalization, new energy, and intelligent strategies, seizing structural market opportunities brought by policies like “old-for-new,” and accelerating overseas industrialization. Overseas sales reached 164,500 units, a year-on-year increase of 7.27%. Innovation in marketing models and aftermarket services have become new profit growth points. The company continues to promote cost reduction and efficiency across the entire value chain, systematically transforming management structures into a “matrix” model, with period expense ratios decreasing year-on-year.

Entering 2026, Foton Motor’s sales have declined again, with only 96,700 units sold in the first two months, a slight decrease of 0.57% year-on-year. Of these, new energy vehicle sales were 12,200 units, down 16.9%.

Editor: ZB