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Weichai targets $100 billion revenue by 2030

Echo From Gasgoo| December 19 , 2017

Weichai Group, Chinese branded engine, Chinese commercial vehicle brand

Shanghai (Gasgoo)- On December 18th, Chairman of Weichai Group, Tan Xuguang announced proudly that, by December 18th, the annual revenues of Weichai had reached over RMB 200 billion, and the total annual revenues are expected to reach RMB 220 billion, with over RMB 10 billion profit.

The accomplishment indicated that Weichai is competent to earn a place in Global 500 in terms of revenues. Weichai has become an international group that is high-end and market-oriented, with business of six blocks, vehicle, engineering machinery, smart logistics, luxurious yacht, and financial services. However, Tan Xuguang's ambition is to make the company one of the most powerful international enterprises.

Tan Xuguang said in a press conference, "The objective of Weichai is to make the engine industry more profitable than real estate industry." He added, the achievements of Weihai greatly hinge on his focus on manufacturing.

In 2005, Weichai completed the reorganizations of Hunan Torch, shocking the commercial vehicle industry. Since then, Weichai has sold 5.87 million engines, 6.7 million heavy gearboxes, and 3.54 million heavy vehicle axles to heavy-duty vehicle industry.

Technical innovation is the second focus of Weichai. In 2010, Weichai raised its goal to be the No.1 among global engine producers. Since then, the investment in the R&D of engine alone has been over RMB 15 billion. That's why Weichai's development and testing capacity is top now.

The third focus of Weichai is to meet the demand of customers. Weichai at first specialized in providing engines for heavy-duty vehicles, but now has expanded its business to provide engines for mid-large passenger vehicles, and has become the first choice in engineering machinery, passenger car and agricultural equipment industries.

The revenues of Weichai in 2010 hit RMB 100 billion in 2011, and now in 2017, Weichai doubled the revenues. The biggest change during the years, according to Tan Xuguang, has been the more and more diversified business structure. The overseas market contributed 40% to the revenues and created 30% profit, which means that Weichai has been impregnable to the attack brought by volatility of one market.

Tan Xuguang introduced that, for one thing, Weichai integrated globally top technological platforms and resources with innovation, realizing the exponential growth of Weichai's technological development level; and for another, Weichai put much efforts into cross-border M&A, targeting global core technologies and high-end industries. Since 2009, Weichai has grasped the opportunities deriving from financial crisis to go global, completing three M&A cases in Europe, and two in North America. After acquisition and reorganization, all of the enterprises saw high growth, and Weichai has become a role model for Chinese companies in M&A.

As early as 2002, Weichai proposed to become the "Intel of China". Now, the success is in sight. Weichai announced its 2020-2030 Strategy, including the ambition of $100 billion revenue. The strategy points out that its traditional business should rank top class by 2020, and new energy business becomes the leader in global industry by 2030. 

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