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),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 -- 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.,it represents a significant milestone inYuchai'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.
Yuchai Thailand Plant Put into Operation
At the opening ceremony,senior leaders ofYuchai,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.
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