Weichai Power Co., Ltd.

Company Profile

■URL

http://www.weichaipower.com/

■Address

Block Jia, No.197, East Fushou Street, High-tech Industrial Development Zone, Weifang, Shandong, China

Business Overview

-One of China’s major auto-parts suppliers that manufactures diesel engines for heavy-duty vehicles. At the end of 2013, The Company started producing cars. Currently, it owns 51% of the issued shares of commercial vehicle manufacturer Shaanxi Heavy Vehicle Co., Ltd.

-The Company manufactures engines, transmissions, axles, hydraulic products, large vehicles, forklifts, supply chain solutions, fuel cell systems/parts, electronics systems/parts, etc. The Company mainly develop the following three businesses.

  • Powertrain business
    The diesel engine with a thermal efficiency of 51.09% was launched in January 2022, and the development of the 240hp CVT powertrain and the trial production of the 340hp CVT powertrain were completed in 2021.
  • Commercial vehicle business
    Shaanxi Heavy Vehicle Co., Ltd., the holding company of the company, is reviewing and optimizing the product mix in order to respond to the stricter exhaust gas standards of the country 6. Against the backdrop of steady growth in the overseas export business, annual sales (in 2021) increased 72% year-on-year to 19,000 units.
  • New energy vehicle business
    The Company is promoting product development for fuel cell vehicles (FCEV), hybrid vehicles (HV), and electric vehicles (EV), and announced that it has developed and mass-produced 30-200kw fuel cell products in 2021. In April of the same year, the National Fuel Cell Technology Innovation Center was established in Shandong Province.

-The company maintains a leading position in the high-power engine and heavy-duty transmission market. Its brands include "Weichai Power Engine", "FAST Transmission", "Hande Axle" and "Shaanqi Heavy-Duty Truck".

-The engine business can produce up to 1.5 million units annually at three bases in China (Weifang, Yangzhou, and Chongqing).

Shareholders

Listed on Shenzhen Stock Exchange (as of Dec. 2021)
Shareholder Ratio of shareholding(%)
HKSCC Nominees Limited 22.22
Weichai Holding Group Co., Ltd. 16.30
Hong Kong Securities Clearing Company Limited 4.02
Others 57.46
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