Chinese automaker Foton revenue up 50 pct in Q1

BEIJING - Chinese automotive firm Foton Motor Group saw its business revenue grow 50 percent year on year in the first quarter to over 14 billion yuan (about $2 billion).

Net profit attributable to listed shareholders reached 80 million yuan in Q1, the company said in a statement to the Shanghai Stock Exchange.

A total of 131,100 vehicles were sold in Q1, up 11.8 percent year on year, lifting the group's market share to 11.5 percent, said the statement.

"We have strengthened efforts in research and development in recent years," said Gong Yueqiong, general manager of the Foton Motor Group, adding that the company will invest 2.8 billion yuan over five years in research and development.

In 2019, Foton will continue focusing on commercial vehicles and produce vehicles with diversified energy sources, including hydrogen and electricity, Gong said.