Weichai Group Pursues International Growth with Launch of Global Brand Strategy
SHANGHAI, April 17, 2014 /PRNewswire/ -- Weichai Group Holdings Limited ("Weichai"), one of China's largest automobile and equipment manufacturing groups, today announced the launch of its new logo at the 2014 Formula 1 Chinese Grand Prix in Shanghai. As the first Chinese brand to sponsor the Scuderia Ferrari F1 team, Weichai's new logo will be present on Ferrari's F1 cars and on the drivers' uniforms in 2014.
The new brand strategy and continued sponsorship reflects Weichai's drive to become a leading equipment manufacturing group globally. With the motto "Green Power, International Weichai", the Company aims to boost sales from 100 billion yuan in 2013 to over 200 billion yuan by 2020 and become one of the world's top 500 companies. Through its partnership with Scuderia Ferrari F1 team and ongoing investment in its international operations, Weichai plans to continue to expand its global presence in 2014.
At a press conference with Scuderia Ferrari held today in Shanghai, Mr. Xuguang Tan, Weichai Group Chairman, said, "In almost 70 years since the company was founded, Weichai has transformed into a company with four business platforms covering vehicles, power trains, luxury yachts and auto parts. We are committed to continuous innovation and the ongoing expansion of our product offerings. We are also focused on building our brand, and the launch of our new logo and enduring partnership with Scuderia Ferrari form an important component of Weichai's development strategy."
In the China market, Weichai owns brands including Weichai Power Engine, Shaanxi Fast Gear, Hande Axle, and Shaanxi Heavy Duty Truck. In order to better integrate into the international market, Weichai Group runs its global businesses following two guiding principles; to leverage its international operations to expand the reach of its core, high quality product portfolio and to rapidly integrate acquisitions into the Group.
Since 2009, Weichai has successfully completed three international acquisitions. In January 2009, Weichai Power acquired Moteurs Baudouin SA, a French designer and manufacturer of engines for the marine sector. In January 2012, Shandong Heavy Industry Group, a Weichai Group subsidiary, acquired a 75% interest in Italy's Ferretti, the world's largest luxury yacht manufacturer. In December 2012, Weichai Power acquired a 25% interest in KION Group, the world's second largest manufacturer of forklift trucks, and 75% of Linde Hydraulics, a KION subsidiary and leader in hydraulic technology.
At the press conference, Fernando Alonso (winner of the 2013 F1 China Grand Prix) and Kimi Raikonnen were present.
Mr. Tan said, "Ferrari is a universally recognized and highly respected brand in China, and we wish Scuderia Ferrari a triumphant return to Shanghai at this year's Grand Prix. With our new global strategy, we hope that Weichai Group can continue to emulate Ferrari's success internationally."
About Weichai Group
Founded in 1946, Weichai is one of the largest automobile and equipment manufacturing groups in China. The Group has approximately 60,000 employees globally, and its 2013 revenuewas RMB100.4 billion. In 2013, Weichai ranked 147th among China's top 500 enterprises, 65th among China's top 500 manufacturing enterprises, and 6th among China's top 100 machinery industry enterprises. Weichai is the only enterprise in China that includes four business platforms covering vehicles, power trains, luxury yachts and auto parts. It is a multinational company with subsidiaries located in Europe, North America and Southeast Asia, and with wholly owned or holding subsidiaries in various provinces and cities in China such as Shandong, Shaanxi, Hunan, Chongqing, Jiangsu, Fujian, Shanghai and Beijing.
Weichai services its international business with offices in more than 30 countries, over 400 authorized service stations and a series of operation centers in Chicago, Marseilles, Forli, Frankfurt and Singapore. Weichai has sold over 100,000 heavy-duty trucks, more than 250,000 engines and other products to more than 100 countries and regions around the world. By the end of 2015, Weichai plans to add 140 new overseas service stations, and increase international revenue to 30% of the Group's total revenue.
About Scuderia Ferrari
Scuderia Ferrari is the racing team division of the automobile brand. It is the oldest team in Grand Prix racing, and statistically the most successful F1 team in history with a record of 15 drivers' championships and 16 constructors' championships. The team principal is Marco Mattiacci, and the drivers are Fernando Alonso and Kimi Raikkonen.
Photo - http://photos.prnewswire.com/prnh/20140417/75981
SOURCE Weichai Group Holdings Limited
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