In the news release, Yuchai Thailand Plant Put into Operation,
Creating a New Era of Globalization Strategy, issued 21-Aug-2024 by Yuchai over PR Newswire, we are
advised by the company that the first paragraph, second sentence,
should read "As the first overseas factory of Guangxi Yuchai
Machinery Co., Ltd. (Yuchai), it represents a significant milestone
in Yuchai's globalization strategy, highlighting Yuchai's further
development in overseas markets." rather than "As the first
overseas factory of Guangxi Yuchai Machinery Co., Ltd. (Yuchai)
(NYSE:CYD), it represents a significant milestone in Yuchai's
globalization strategy, highlighting Yuchai's further development
in overseas markets." as originally issued inadvertently. The
complete, corrected release follows:
Yuchai Thailand Plant Put into Operation, Creating a New Era of
Globalization Strategy
BANGKOK, Aug. 21,
2024 /PRNewswire/ -- Yuchai Power System
(Thailand) Co., Ltd. officially
opened in Samut Prakan amidst high expectations on August 20 local time. As the first overseas
factory of Guangxi Yuchai Machinery Co., Ltd. (Yuchai), it
represents a significant milestone in Yuchai's globalization
strategy, highlighting Yuchai's further development in overseas
markets. This establishment is expected to inject new momentum into
Yuchai's growth, particularly in the Southeast Asian market.
At the opening ceremony, senior leaders of Yuchai,
representatives from the Economic and Commercial Office of the
Embassy of China 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
initial products put into production include K08, S06 and S04
series. In the future, enabling the production of Yuchai 2-11L
series products.
As one of the earliest engine exporters in China, Yuchai has been exporting its products
to Southeast Asia since 1970s.
Over the past half century, Yuchai has been accelerating its pace
towards globalization. Especially over the last decade, aided by
the open cooperation policy between China and ASEAN countries, Yuchai has given
full play to its advantages in location, product and channel,
becoming a pioneer in expanding the ASEAN market. Yuchai exported
only 400 units to ASEAN in 2004. In recent years, export volume has
increased to more than 20,000 units per year. As of now, Yuchai has
set up 21 overseas institutions and 495 service agents, with over
680,000 engines held globally.
In the new era, taking the Thailand factory as an important starting
point of its globalization strategy, Yuchai will further strengthen
cooperation with key partners such as Beiqi Foton to enhance
product competitiveness and expand its presence in the Southeast
Asian market. Through this strategic layout, Yuchai aims to
significantly increase its product share in overseas markets,
further consolidating and expanding its market to lay a solid
foundation for global business growth.
It is worth noting that Yuchai will cooperate with KIM LONG
MOTOR, a subsidiary of FUTA Group, to build new factories in
Vietnam. At the same time,
strategic cooperation negotiations in Europe and the Middle East are also advancing. The first K08
engine from Yuchai's factory in Thailand was officially rolled off the
production line and delivered to customers, marking the official
launch of the global market blueprint jointly envisioned by Yuchai
and its partners.
Li Hanyang, Chairman of Yuchai, stated 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
build its Thailand factory into an
advanced facility emphasizing high-end, intelligent, digital, and
green manufacturing. This will support Yuchai's doubling plan and
provide more high-quality products to customers, promoting
high-quality development of the industrial chain in China, Thailand, and the ASEAN region.
Https://www.yuchai.com/
E-mail: csm@yuchai.com
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SOURCE Yuchai
