Company looks to honor 19th National Congress of CPC with record this year

Weichai Group, China's leading automobile and equipment manufacturer, has set itself the goal of achieving 200 billion yuan ($30.21 billion) in annual revenue this year, to pay tribute to the 19th National Congress of the Communist Party of China.

Tan Xuguang, chairman of State-owned Weichai, said that General Secretary Xi Jinping's report to the congress on Oct 18 is an action plan for the future.

Tan said Weichai's employees are encouraged by China's plans to deepen supply-side reform and speed up modern manufacturing industry development. Reform, innovation and big capital investments are key elements supporting Weichai's development, he added. 

A Weichai worker operates an engine production line. Provided to China Daily

"Our research institute undertakes nearly 170 development projects every year," said Zhang Xiaoqing, director of the comprehensive administrative office of Weichai Engine Technology Research Institute.

Figures provided by the group show that more than 5 percent of its annual sales revenue is re-invested in research and development. Total investments in core technologies and enhancing product reliability reached 15 billion yuan over the past 10 years.

Weichai has established the only national key internal combustion reliability lab, national enterprise technology center and national commercial vehicle powertrain technology research center in the industry in China.

Weichai has achieved outstanding results in overseas exploration by implementing three international strategies - increasing export trade volume, global mergers and acquisitions, and building production plants in overseas markets.

In 2009, its subsidiary Weichai Power acquired French marine engine developer and producer Moteurs Baudouin.

In 2012, Weichai Power bought a 25 percent stake in German forklift-maker Kion for 467 million euros ($556.86 million) and a 70 percent controlling stake in Kion's subsidiary Linde Hydraulics, for 271 million euros.

In the same year, Weichai purchased a majority stake in Italian yacht-maker Ferretti, to tap into the luxury yacht sector.

"Weichai is developing an international, diversified, innovative and open business," said Claudio Operti, director for technology and engineering management at Weichai Power.

The group has maintained strong business growth since 1998. The State-owned enterprise's annual sales revenue surged from 10 billion yuan in 2004 to 100 billion yuan in 2013.

In the first three quarters of this year, Weichai's sales revenue hit 162.9 billion yuan, a year-on-year increase of 83 percent.

As the 19th National Congress of the CPC has guided the development direction of Weichai, Tan called on all employees to strive to achieve 200 billion yuan in sales revenue in 2017.

Wang Shijie, a Weichai employee who won the National May 1 Labor Medal in 2007, echoed Tan's call. He said the workers will spare no effort to achieve the 2017 sales target, while ensuring product quality.

Wang Weidong contributed to this story.

(China Daily 11/07/2017 page12）