Guangxi Yuchai Group has announced its plans to export 100,000 engines annually before 2010, mainly in the Asian, African, South American and East European markets; to export 300,000 engines (30% of the group’s annual sales) annually after 2010 by exploring the North American and West European markets; and to achieve annual sales revenue of 55 billion yuan in the next five years and 80 billion yuan ($12 billion) in 2015, said Guangxi Daily today.
In 2006, when the company gained 10 billion yuan in sales, Yuchai decided to double its sales revenue within three years. From January to September this year, Yuchai sold 464,600 engines, up 30% year on year and achieved sales revenue of 16.89 billion yuan. Yuchai is expected to hit sales revenue of 20 billion yuan by the end of this year, fulfilling its target of doubling the sales revenue of 2006.
Yuchai has cultivated its business philosophy of “excellent quality, international Yuchai” to carry out its global strategy and create a world-famous brand. The group will transform itself into a global engine giant, with its products “created in China” rather than “made in China.”
To meet the needs of economic globalization, Yuchai Group has formed China Yuchai International Ltd., which, through its subsidiary Guangxi Yuchai Machinery Co. Ltd. (GYMCL), engages in the manufacture, assembly, and sales of a wide array of light-duty, medium-sized and heavy-duty diesel engines for trucks, buses, and cars in China.
Founded in 1951, Yuchai / GYMCL has developed a reputable brand name, strong R&D team and great market share in China with high-quality products and reliable after-sales support. In 2007, Yuchai sold 383,000 diesel engines and was ranked No. 1 in unit sales by China Association of Automobile Manufacturers.