Industrial machinery and engine manufacturer and distributor Guangxi Yuchai Machinery Group Co announced plans of accelerating its push into overseas markets to strengthen its position as a global market leader. The international combustion engine and accessories manufacturer aims to achieve its goal by focusing on high-quality development and meeting the demands of its global customers.
The Yulin-based state-owned enterprise aims to at overtake its domestic counterparts within the next five years. According to the company's chairman, Yan Ping, Yuchai will aim to overtake its international rivals after it becomes the domestic leader in the industry.
The company, which was founded in 1951, is already one of the world's largest manufacturers of engines for industrial applications. The conglomerate sells its engine products to hundreds of customers in more than 180 countries around the world. Most of its customers are those from already developed countries such as Germany, South Korea, and Singapore.
Yuchai, which has assets of more than $5.8 billion and nearly 20,000 employees, has seen rapid growth in its international business. Last year, the company delivered more than 50,000 engines to its customers, a new record for the industry.
In recent years, the company has received large orders from new customers, particularly those in Saudi Arabia. Since 2007, the company has exported more than 22,000 custom engines to the Middle Eastern country. So far, the company has established 17 offices and 222 service agents overseas, including a sales subsidiary in Europe.
For its European customers, the company established its research and development center to conform its products to the region stricter emission regulations. Yuchai stated that its R&D center in Europe, which was set up in 2017, will be vital to its efforts to innovate its products for the global market.
Before the establishment of the research center, Yuchai was already the leader in the development of low-emission diesel engines. In 2011, the company became the first Chinese company to manufacture a diesel engine that was compliant with Euro VI emission standards.
As part of its goals to developer increasingly environmentally-friendly internal combustion engines, Yuchai has continually developed its engines to comply with other global standards. Last year, the company's Yuchai YCK08 China VI engine managed to complete all inspections to comply with China's VI emission standards for heavy-duty vehicles or HDVs. The standard is hailed by the industry as being the most stringent emission standard in the world.
Yuchai has invested billions of dollars in retooling its manufacturing plants. The company revealed that it has so far eliminated more than 800 units of obsolete equipment. It has also spent billions on adopting new intelligent manufacturing platforms to meet global standards.
