Short-term financing bills are still in issuance Yesterday, Foton Motor issued an announcement stating that the application for the issuance of Foton Motor’s corporate bonds with a total nominal amount of no more than RMB 1 billion was approved by the China Securities Regulatory Commission. Gong Min, director of Foton Motor, said that the company bonds to be issued will be mainly used to supplement the company's liquidity. There are still short-term financing bills in issuance On November 28, 2008, the Fourth Extraordinary Shareholders Meeting of Foton Motor examined and approved the “Proposal on Issuing Corporate Bondsâ€, and agreed that the total amount of corporate bonds to be issued shall not exceed RMB 1 billion. The specific shareholders’ meeting authorized the board of directors to Determined within range. It is understood that Foton Motor has short-term financing bonds in circulation. Foton Motor's 2007 first-term short-term financing bill expired on September 16, 2008, and has completed the payment. The company's second phase (ie, the first phase of 2008) short-term financing bills was completed on November 27, 2008. The issuance of short-term financing bills was RMB 500 million for a period of one year with a nominal value of RMB 100. The interest rate is 5.35%. The funds raised from short-term financing bills are mainly used to supplement the short-term liquidity of the company and to repay some bank loans. Light truck light passenger sales is better than in the heavy truck According to Foton Motor, the company’s product sales data for June is still being compiled. The product sales data released by Foton Motor in May showed that the sales of light trucks and light passengers have increased to a certain extent, while the sales volume of medium and heavy trucks and large and medium passengers have declined to varying degrees. In May 2009, Foton Motor sold 43,101 light trucks, accumulatively selling 198786 units from January to May, a cumulative increase of 14.1% over the same period of last year; May sales of 1,823 light passengers and 8,391 vehicles sold from January to May, accumulating over the same period of last year The growth rate was 18.8%. In May, 7,220 medium- and heavy-duty trucks were sold. From January to May, 23,437 heavy-duty trucks were sold, a decrease of 30.7% compared with the same period of last year; 300 large and medium-sized passenger vehicles were sold in May, and 842 units were sold in January-May, which was 842 units more than last year. In the same period, it was down 14.4%. From January to May of 2009, Foton Motors sold a total of 235,426 vehicles, a cumulative increase of 8% over the same period of last year, including a total of 53,506 vehicles sold in May. Experts in the automotive industry believe that in 2009, Foton Motor’s sales of light trucks and light passengers benefited from the automobile industry’s revitalization program’s policies on preferential terms for cars to the countryside and purchase tax preferences, while the performance of medium and heavy trucks and large and medium-sized passengers was relatively weak. Car subsidy to the countryside On July 1, the Beijing Municipal Environmental Protection Bureau announced the first batch of car-to-country products with emission standards. Dongfeng, Hafei, Chang'an, Changhe, Wuling and other automobile brands are listed on the list. Due to Beijing emission standards, only 72 passenger car models were on the list; according to Zhao Jingguang, deputy secretary of the Foton Motor Party Committee, "Farmers who buy cars to go to the countryside not only receive government subsidies, but also receive subsidies from Foton Motor." According to relevant regulations, during the “cars going to the countryside†campaign, when farmers purchase micro, light goods vehicles and minivans, the price is less than 50,000 yuan to subsidize 10% of the vehicle price; if the price exceeds 50,000 yuan, the subsidy is 5,000 yuan. For redemption of micro- and light-duty trucks, the scrapped three-wheeled vehicles will each have a subsidy of 2,000 yuan, and low-speed trucks will have a subsidy of 3,000 yuan each.