Innovation, R&D

Weichai's management is fully aware that the upgrading of simple products is not enough to serve future market demands. Rather, it has to completely change its development goals and tap into new sectors, such as new energy and intelligent driving.

The group has established a national-level R&D center to improve its commercial vehicle powertrain system technology development. It has also built a national internal combustion reliability key lab and has rolled out the results of its innovation which have gained independent intellectual property rights.

Aiming to make breakthroughs in the development of core technologies and enhance product reliability, Weichai is continuously making significant investments in R&D, the spokesman said.

Figures provided by the group show that more than 5 percent of its annual sales revenue is re-invested in R&D. Weichai has spent 15 billion yuan on investments in core technologies and enhancing product reliability over the past 10 years.

Nowadays, the group has built up a globally supported R&D system with more than 3,000 development engineers, spread across five countries.

The group has initiated and participated in setting up 67 national and industrial standards. It has 2,633 patents, among which 469 are invention patents.

"Weichai has experienced rapid development over the past 10 years. Its annual sales revenue has reached billions of yuan," Tan said at Weichai's innovation conference in 2017.

"The group has expanded its product portfolio from only one to a wide range of offerings. Weichai's every success is a demonstration of the value and contribution of technology."

Tan added that the group will continue to utilize its global influence to attract better global resources to Shandong.

"We will attract top professionals and technologies to Shandong to support the province's economic growth driver replacement progress."