Foton Motor Officially Announces Personnel Restructuring; Lu Zhenghua to Assume the Position of General Manager

Everyday Economic News Reporter | Liu Xi Everyday Economic News Editor | Pei Jianru

At a critical point in the commercial vehicle industry’s full transition to new energy and intelligence, Beijing Foton Motor Co., Ltd. (hereinafter referred to as Foton) announced an important management personnel adjustment on March 15.

Image source: Shanghai Stock Exchange official website

The announcement states that, according to a letter from BAIC Group, Lu Zhenghua is recommended as a candidate for Director and General Manager of Foton. Wu Xibin will no longer serve as Director and General Manager of Foton, and Lu Zhenghua will no longer serve as Executive Vice President of Foton. The company will follow legal, regulatory, and Articles of Association procedures to complete the relevant review process as soon as possible, with the board of directors’ adjustment still requiring shareholder approval.

Regarding the reasons for this personnel change, a reporter from Everyday Economic News contacted BAIC, but an insider only responded, “No further information to share at this time.”

Public information shows that Lu Zhenghua previously served as Vice President of BAIC Foton’s Overseas Business Division and Executive Vice President of the Heavy Commercial Vehicle Business Department, Deputy Director and Party Secretary of the Engineering Research Institute, Party Secretary and Dean of BAIC Foton Engineering Research Institute, Vice President of BAIC Foton, and Executive Vice President of BAIC Foton.

This personnel change is seen by industry insiders as a continuation of BAIC Group’s senior leadership adjustments. On January 30, BAIC Group held a cadre meeting, where Chang Rui, former Vice President of BAIC Group and Chairman of BAIC Foton, was officially promoted to Deputy Secretary of the BAIC Group Party Committee, Director, and General Manager. At that time, BAIC Foton publicly stated, “After this appointment, Chang Rui will continue to oversee Foton.”

From his background, Lu Zhenghua’s technical expertise has attracted attention. In the context of increasing competition in the commercial vehicle industry focusing on new energy powertrains and intelligent technology, appointing a manager with R&D experience as General Manager is seen as a signal that BAIC Foton is further strengthening its technology and product-driven strategy.

Image source: Foton official WeChat account

In terms of performance, on January 29, BAIC Foton released a forecast for 2025, estimating net profit attributable to the parent company of about 1.33 billion yuan, a year-on-year increase of 1551%; net profit after deducting non-recurring gains and losses is about 820 million yuan, turning profitable from a loss. In sales volume, Foton aims to reach a total of 650,000 units in 2025, a year-on-year increase of 5.85%.

In fact, looking at the entire BAIC Group, this personnel adjustment at Foton occurs during a critical stage of BAIC Group’s “Three-Year Leap” initiative. By 2025, BAIC Group aims to reach a total vehicle sales volume of 1.752 million units, with domestic brand sales returning to the 1 million mark after six years, increasing their share to 61% of total sales.

Against this backdrop, as a core segment of BAIC Group’s commercial vehicles, Foton’s steady development and strategic transformation are of great significance for BAIC Group’s overall “leap” goal.