XCMG Machinery Earns Spot on Forbes China's Globalization Innovators Selection 30&30 for Substantial Global Growth
XUZHOU, China, Feb. 2, 2024 /PRNewswire/ -- The 2023 Forbes China Globalization Innovators Selection 30&30 has recognized XCMG Machinery (SHE: 000425, "XCMG") as a Leading Brand for its tremendous success in international markets as well as pioneering innovations that are advancing global industry development.
The Forbes China 30&30 Selection celebrates Chinese brands that are achieving robust growth worldwide and pursuing cutting-edge innovation. In 80 years, XCMG has grown into a leading construction machinery enterprise with global competitiveness, influence, and an iconic brand in China's equipment manufacturing industry, covering 95 percent of the countries participating in the "Belt and Road" Initiative.
"We're very honored to be recognized as one of the leading brands for successful globalization and innovation. XCMG is committed to bringing the best products and services to our customers worldwide, and we will continue to advance technological innovations and integrated business development as a leader of the global construction machinery industry," said Yang Dongsheng, chairman of XCMG.
Its international revenue has accounted for 40 percent of XCMG's total revenue from January to October 2023.
High-quality development leads to global success
On December 23, 2023, XCMG officially established its global procurement center to break down the barriers of traditional organizational and operation models as well as processes, systems, and mechanisms to achieve all-around and synergetic development, integrating all available resources, and creating greater value through value purchasing transformation.
In the meantime, XCMG has also inaugurated the international business division and announced the 14 global regions of operation to support the elaborate management of overseas businesses, which is also part of the group's "1+14+N" international operation strategy to embrace the changes, expedite transformation, and achieve continuous success.
The World Brand Lab published the list of the 2023 World's 500 Most Influential Brands on December 13 in New York City, and XCMG has been recognized as one of the brands with a ranking of 382nd, the highest ranking among all Chinese construction machinery companies. The XCMG brand is now valued at 113.619 billion yuan (USD 15.94 billion).
"As one of the largest construction machinery manufacturers in China, XCMG has always been firmly committed to the goal of building a world-class industry chain and contribute to building a better tomorrow with high-quality products and services," said Yang.
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