Yuchai Power System (Thailand) Co., Ltd. was officially opened on August 20 (local time) in Samut Prakan amidst high expectations. As the first overseas factory of Guangxi Yuchai Machinery Co., Ltd. (Yuchai) (NYSE:CYD), it represents a significant milestone in Yuchai’s globalization strategy and underlines Yuchai’s continued development in overseas markets. This branch is expected to give new impetus to Yuchai’s growth, particularly in the Southeast Asian market.
At the opening ceremony, senior leaders of Yuchai, representatives from the Economic and Trade Office of the Chinese Embassy in Thailand, key partners and guests from various sectors witnessed this historic moment. Yuchai Power System (Thailand) Co., Ltd. mainly produces diesel engines, gas engines and clean energy engines. The first products to go into production include the K08, S06 and S04 series. In the future, the production of Yuchai 2-11L series products will be enabled.
As one of the first engine exporters in China, Yuchai has been exporting its products to Southeast Asia since the 1970s. Over the past half century, Yuchai has accelerated its pace toward globalization. In the last ten years in particular, supported by the open cooperation policy between China and the ASEAN (Association of Southeast Asian Nations) countries, Yuchai has made full use of its location, product and sales advantages and has become a pioneer in the expansion in the ASEAN market. In 2004, Yuchai only exported 400 units to c countries. In recent years, export volumes have increased to more than 20,000 units per year. To date, Yuchai has opened 21 overseas branches and hired 495 customer service representatives to care for over 680,000 engines worldwide.
In the new era, Yuchai will further strengthen cooperation with key partners such as Beiqi Foton to improve product competitiveness and expand presence in the Southeast Asian market. The company will use the factory in Thailand as an important starting point for its globalization strategy. Through this strategic direction, Yuchai aims to significantly increase its product share in overseas markets, further consolidate and expand its market to create a solid foundation for global business growth.
It is worth mentioning that Yuchai will cooperate with KIM LONG MOTOR, a subsidiary of FUTA Group, to build new factories in Vietnam. At the same time, negotiations on strategic cooperation in Europe and the Middle East are also making progress. The first K08 engine from the Yuchai factory in Thailand has officially rolled off the assembly line and been delivered to customers. This marks the official launch of the global market concept co-designed by Yuchai and its partners.
Li Hanyang, chairman of Yuchai, said that in the future, Yuchai will leverage the strategic support of the Belt and Road Initiative and the China-ASEAN Free Trade Area. Yuchai aims to expand its Thai factory into an advanced facility that emphasizes high-quality, intelligent, digital and environmentally friendly manufacturing. This will support Yuchai’s doubling plan and provide customers with more high-quality products, promoting the high-quality development of the industrial chain in China, Thailand and the ASEAN region.
E-mail: csm@yuchai.com
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