A technician with Weichai Power assembles a hydraulics product at the company's Linde Hydraulics factory in the Weifang Hi-tech Industrial Development Zone. 

Photos Provided to China Daily

Weichai Group - the leading engines and vehicle components developer and producer - reported a strong performance in the first half of 2017, even though the national engine market has not recovered from a decline.

Figures provided by Weichai, which has branch companies in the Weifang Hi-tech Industrial Development Zone, showed the company sold a record 300,000 engines in the period.

Weichai's operating revenue in the first half year hit 104.8 billion yuan ($15.76 billion), a 75 percent year-on-year increase.

Weichai said its products successfully beat international competition and a highlight was that they were installed on ferries traveling on New York's East River.

Weichai Group Chairman Tan Xuguang said innovation was the key element that supported the group's dynamic growth.

The marine engines that were installed on the East River ferries, adopted the most advanced technologies developed by Weichai.

The company said that its vehicle engines, such as the WP13 diesel engine, boosted Weichai's six-month growth and they featured its cutting-edge technologies.

The engines are priced 10 percent above imported products, but were nonetheless so popular that clients had to wait for a few days to get the final products.

"It would not be possible for Weichai to achieve what it has without innovation-led technology and products," said Wang Yong, deputy Party secretary of Weichai Group.

Wang said innovation had become part of the value system for Weichai employees.

Figures provided by the group showed that more than 5 percent of annual sales revenue is invested in research and development.

Total investments in core technologies and enhancing product reliability reached 15 billion yuan over the past 10 years.