China's commercial vehicle industry is currently undergoing a period of profound transformation. Amid multiple pressures such as high costs of new energy transition, intensified industry competition, and fierce market rivalry, the performance of vehicle manufacturers has diverged significantly. In the third quarter of this year, only nine out of 20 listed vehicle manufacturers in the Shanghai and Shenzhen stock markets reported both profitability and net profit growth.
Against this challenging backdrop, Beiqi Foton Motor Co.,Ltd. (Foton) has defied the odds with its latest production and sales report for October 2025. The data shows that Foton's cumulative sales from January to October reached 536,700 units, a year-on-year increase of 9.8%. Its new energy vehicle (NEV) segment performed particularly well, with cumulative sales of 82,300 units in the first 10 months, surging 98.83% year-on-year—nearly doubling. Notably, its new energy truck sales totaled 65,465 units, up 130.1% year-on-year, ranking first in the industry.
Foton's Q3 2025 financial report further highlights its rapid growth momentum. During the reporting period, the company achieved revenue of RMB 15.078 billion, up 27.85% year-on-year, while net profit attributable to shareholders soared 1,764.2% to RMB 336 million, leading the automotive sector in growth. Driven by its heavy truck and new energy businesses, along with significant overseas market expansion, Foton is demonstrating the value of its strategic transformation through stellar performance.
**01. Collective Growth Across All Business Segments** While China's commercial vehicle industry is experiencing a strong recovery under the dual drivers of policy support and market demand, competition is also intensifying. In this context, Foton has achieved coordinated growth across all business segments under its three strategic pillars: "comprehensive internationalization, comprehensive new energy transition, and comprehensive intelligentization."
Latest data reveals that Foton sold 56,617 vehicles in October. A breakdown shows explosive growth across all segments: heavy truck sales surged 146.7% year-on-year to 13,952 units; light truck sales reached 38,089 units, ranking first in the industry; cumulative NEV sales exceeded 82,000 units, up 98.8% year-on-year, with 6,342 new energy trucks sold in October alone (up 12.5% year-on-year, leading the industry); overseas exports hit 15,177 units, bringing cumulative exports for the first 10 months to over 132,000 units.
This collective growth stems from Foton's strategic focus on internationalization, new energy, and intelligentization, enabling it to capitalize on domestic policy incentives like vehicle replacement subsidies while expanding overseas markets through technology exports.
**New Energy as the Core Engine** Foton's NEV business has become its primary growth driver, with sales exceeding 82,000 units in the first 10 months—a 98.8% year-on-year increase. For instance, sales of its Auman new energy heavy trucks surged 286.6% year-on-year, maintaining a leading position in the industry. Auman NEV heavy trucks now dominate high-frequency operation scenarios such as ports and logistics, earning strong customer trust and market reputation.
Foton adopts a multi-technology approach covering electric, hybrid, and hydrogen fuel solutions. It is also transitioning from a "manufacturing-focused" to a "manufacturing + service-oriented" business model, offering full lifecycle solutions—from vehicle purchase/lease to usage, energy replenishment, maintenance, and replacement—to lower user barriers and enhance lifecycle value.
**Expanding Overseas with Localized Ecosystems** Foton emphasizes "ecosystem globalization," integrating localized manufacturing, new energy exports, and local services. This year, it ramped up overseas production capacity: its Brazil plant (annual capacity of 2,000 units) commenced operations; it signed an MoU with Saudi Arabia's investment ministry to jointly establish a KD manufacturing facility and deliver 1,000 customized school buses; and its Thailand hub rolled out its 2,000th heavy truck, with plans to launch 12 new NEV and traditional models to serve the ASEAN market.
Foton's performance in the first 10 months underscores the success of its three-pillar strategy, reflecting its market foresight and resilience as a leading Chinese commercial vehicle manufacturer. With continued policy tailwinds and global expansion, Foton is poised to maintain its leadership in the industry's transformation.
**02. Explosive Profitability** Foton's strong business performance has translated into robust financial results. For the first three quarters, cumulative revenue rose 27.09% year-on-year to RMB 45.449 billion, while net profit attributable to shareholders jumped 157.45% to RMB 1.113 billion.
Notably, its non-GAAP net profit reached RMB 761 million, up 244.64% year-on-year, signaling substantial improvement in core profitability. Effective cost control further supported margin expansion, with the Q3 expense ratio declining 1.7 percentage points year-on-year. This disciplined financial management, combined with operational scale effects, has driven profitability higher.
The financial improvements validate Foton's strategic transformation, creating a virtuous cycle: heavy truck growth boosts economies of scale; NEV expansion optimizes product mix; overseas breakthroughs lift gross margins; and strong cash flow enables sustained R&D, capacity expansion, and market penetration—further solidifying its competitive edge.
This dynamic positions Foton to navigate the industry's structural shifts while balancing short-term performance with long-term growth.
**Outlook: Leading the Green and Smart Transition** As the commercial vehicle industry trends toward "the strong getting stronger," Foton's dual-engine strategy (heavy trucks + NEVs) and global push have delivered high-quality growth. With the worldwide shift to new energy and intelligent vehicles accelerating, Foton's early-mover advantages position it to seize further opportunities.
Looking ahead, despite challenges like heightened global competition and rapid tech evolution, Foton's strategic investments in NEV and smart supply chains will not only define its market leadership but also propel the industry toward greener, more efficient solutions.
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