Weichai Power Co., Ltd.
Company Profile
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Business Overview
-One of China’s major heavy-duty truck engine suppliers. At the end of 2013, the Company started manufacturing passenger cars and currently owns 51% of the issued shares of commercial vehicle manufacturer Shaanxi Heavy Duty Automobile Co., Ltd.
- The Company’s products include engines, transmissions, axles, hydraulic products, heavy-duty vehicles, forklifts, supply chain solutions, fuel cell systems/parts, and electronics systems/parts. The Company mainly conducts business in the following three sectors.
Business sector | Contents |
Powertrain business |
In the fiscal year ended December, 2022, the Company sold 573,000 engines, 590,000 gearboxes and 530,000 axle sets. Of this, engine exports were 55,000 units, up 55.9% year-over-year (y/y), and gearbox exports were 25,000 units, up 54.2% y/y. A diesel engine with a thermal efficiency of 51.09% was released in January 2022 and a 52.28% thermal efficiency engine was released in November of the same year. |
Commercial vehicle business | In the fiscal year ended December 2022, the sales volume of heavy-duty trucks of Shaanxi Heavy Duty Automobile Co., Ltd., the Company’s subsidiary, was 80,000 units. |
New Energy Vehicle business | In 2022, the Company completed product development of the electric drive axles and central drive assemblies, improving the product performance by 3-5%. It also completed the development of a full series of fuel cell product platforms, from 15 to 260kW. |
-The company maintains a leading position in the high-power engine and heavy-duty transmission market. Its brands include "Weichai Engine", "FAST Transmission", "Hande Axle" and "Shaanxi Heavy-Duty Truck".
-The engine business can produce up to 1.6 million units annually at three plants in China (Weifang, Yangzhou, and Chongqing).
Shareholders
Listed on Shenzhen Stock Exchange | (as of Dec. 2022) |
Shareholder | Ratio of shareholding(%) |
HKSCC Nominees Limited | 22.22 |
Weichai Holding Group Co., Ltd. | 16.30 |
Others | 61.48 |
Total | 100.00 |
Products
Powe train systems
-Diesel engines for heavy-duty vehicles
-Gas engines for buses
-Diesel engines for buses
Hydraulics systems
-Self-regulating pumps
-Variable displacement motors
-Valves
-Drive axles
Transmissions
-Transmissions for heavy-duty vehicles
-Transmissions for passenger cars
Axles
-Axles for trucks
-Axles for buses
-Axles for EVs
History
1946 | Weifang Diesel Engine Works was established. |
2001 | The Company developed WD615 and WD618 series diesel engines that meet China l emissions regulations, which are the Chinese version of the Euro l standards. |
2002 | The Company's proprietary WD615 diesel engines satisfy China ll emissions regulations, which are the Chinese version of the Euro ll standards. |
Dec. 2002 | Weichai Power Co., Ltd. was established. |
Mar. 2004 | The Company's stock was listed on the Hong Kong Stock Exchange. |
March 2005 | The Company developed the Landking lll WP10 and WD12 diesel engines, which meet China lll emissions standards. (China lll is equivalent to the Euro lll standards.) |
Apr. 2007 | The Company absorbed Torch Automobile Group Co., Ltd. and was then listed on the Shenzhen Stock Exchange. |
Dec. 2007 | The Company developed the Landking lV diesel engines, which meet China lV emissions standards. (China lV is equivalent to Euro lV standards.) |
Dec. 2007 | The Company developed the Landking powertrain systems for commercial vehicles. |
Jun. 2008 | The Company and Beiqi Foton Motor have signed a comprehensive partnership agreement which covers a period of five years starting from June 2008. |
Jul. 2008 | The Company developed the Landking V diesel engine which meets the China V emissions standards. |
Jul. 2008 | The Company, Westport Innovation Inc. of Canada, and Peterson Holdings signed an agreement to establish Weichai Power Westport New Energy Engine Co., Ltd. |
Dec. 2008 | The Company released its Landking WP5 and Landking WP 7-liter diesel engines, which meet the EuroIV and EuroV emissions standards. |
Apr. 2007 | The Company expanded its scope of business by taking over Torch Automobile Group Co., Ltd. |
Dec. 2012 | The Company sold 40% shares of Weichai Power Westport New Energy Engine Co., Ltd.. |
2013 | The Company's light vehicle production base put into production in Chongqing. It started making cars. |
Mar. 2015 | Weichai Power (Luxembourg) Holding S.a.r.l., the Company's wholly owned subsidiary, acquired 4.95 percent of KION Holding 1 GmbH shares from Superlift Holding S.a r.l. When the transaction is completed, Weichai Power indirectly owned 38.25 percent of KION shares. |
Apr. 2015 | The Company sold the 100% stake it had in Zhuzhou Torch Auto Lamp Co., Ltd. |
Jul. 2016 | Linde Hydraulics (KG), a German subsidiary of the Company, began operations of its new plant in Aschaffenburg. |
Shaanxi Hande Axle Co., Ltd. in the Company absorbed the gear business of Zhuzhou Gear Co., Ltd., and formed a new company that will specialize in the axle gear business. | |
Weichai Power (Luxembourg) Holding S.a.r.l., its wholly owned subsidiary, acquired 5,934,000 new KION shares, thus, the Weichai Power Group increased its stake in KION to 40.23% from the current 38.25%. | |
Sep. 2016 | The Company acquired a 100% stake in Weichai (Weifang) Medium-sized Diesel Engine Co., Ltd. for CNY 250 million |
Apr. 2017 | The Company invested USD 60 million to acquire shares in Power Solutions International Inc., a Nasdaq-listed company, and become its largest shareholder. |
Apr. 2018 | Signed a strategic alliance with Yutong Bus |
May 2018 | Concluded a strategic cooperation agreement in Weifang, Shandong Province with Ceres Power, a solid oxide fuel cell (SOFC) supplier |
Jun. 2018 | Weichai (Tokyo) Science and Technology Innovation Center was established |
Sep. 2018 | Signed a strategic cooperation framework agreement with the Russian KAMAZ group |
Nov. 2018 | Acquired 19.9% stake in Ballard Power Systems Co., Ltd., Canada, through its wholly owned subsidiary Weichai Power (Hong Kong) International Development Co., Ltd. |
Nov. 2018 | The company and Ballard Hong Kong Limited jointly establish Weichai Ballard Hydrogen Technology Co., Ltd. |
Dec. 2018 | The company and FAW Liberation signed a strategic alliance agreement in Changchun City, Jilin Province |
Feb. 2019 | Completed strategic buy-out of ARADEX based in Germany. |
May. 2019 | Signed a MOU with KAMAZ at Vladivostok, Russia to establish KAMAZ Weichai Co., Ltd., a joint venture. |
Jul. 2019 | Signed a strategic-partnership agreement with JAC. |
Nov. 2019 | Acquired a 55% stake in Tianjin Tsintel Technology Co., Ltd. |
Jan.2020 | Signed a strategic-partnership agreement with ARADEX based in Germany. |
Mar. 2020 | Launched operations at hydrogen fuel-cell power systems’ plant in Weifang, Shandong Province, China. |
Dec. 2020 | Sold 100% stake in Chongqing Hamashiba Automobile Co., Ltd. |
Jan. 2022 | Announced a diesel engine with a thermal efficiency of 51.09%. |
Supplemental Information 1
>>>Highlights for FY2007
>>>Highlights for FY2008
>>>Highlights for FY2009
>>>Highlights for FY2010
>>>Highlights for FY2011
>>>Highlights for FY2012
>>>Highlights for FY2013
>>>Highlights for FY2014
>>>Highlights for FY2015
>>>Highlights for FY2016
>>>Highlights for FY2017
>>>Highlights for FY2018
>>>Highlights for FY2019
>>>Highlights for FY2020
>>>Highlights for FY2021
Note: A figure in brackets ( ) indicates a loss