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 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.

Powertrain business
In 2023, the company sold 736,000 engines of various types, a year-on-year increase of 28%, 838,000 gearboxes, a year-on-year increase of 42%, and 743,000 axles, a year-on-year increase of 39%. Among them, 66,000 engines were exported, a year-on-year increase of 21%; more than 8,100 M series large-bore high-power density engines were sold, a year-on-year increase of 38%.
Commercial vehicle business
In 2023, the holding subsidiary Shaanxi Heavy Duty Automobile sold 116,000 heavy trucks, a year-on-year increase of 45%; export sales were 52,000, a year-on-year increase of 51%.
New energy related business
In 2023, the development of electric drive assembly products for heavy trucks, light trucks and buses were completed, and the motor power covered 50-430kW.

-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 1.65 million units annually at three plants in China (Weifang, Yangzhou, and Chongqing).

Shareholders

Listed on Shenzhen Stock Exchange

(as of Dec. 2023)

Shareholder	Ratio of shareholding(%)
HKSCC Nominees Limited	22.22
Weichai Holding Group Co., Ltd.	16.30
Others	61.48
Total	100.00

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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

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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%.