Yuchai Establishes New Engine Service Joint Venture

SINGAPORE, June 7, 2022 /PRNewswire/ -- China Yuchai International Limited (NYSE: CYD) ("China Yuchai" or the "Company") a leading manufacturer and distributor of engines for on- and off-road applications in China through its main operating subsidiary, Guangxi Yuchai Machinery Company Limited ("GYMCL"), announced today that Guangxi Yuchai Machinery Monopoly Development Co., Ltd. ("YMMC"), a subsidiary of GYMCL, has formed a new joint venture, Suzhou Yuxing Automobile Technology Co., Ltd. ("Suzhou Yuxing"), to enhance the nationwide engine services and emergency services for all vehicles powered by Yuchai engines in China.

Pursuant to the joint-venture agreement, YMMC has a 30% equity interest in Suzhou Yuxing. Xingwei Automobile Technology (Wuxi) Co., Ltd. owns a 25% equity interest.  Tianjin Zhuoyu Automobile Technology Partnership has another 8% equity interest.  Fujian Zhongchuang Chelian Network Technology Co., Ltd. (also known as "Qipeiyun"), an automotive parts supply chain service provider, has a 12% equity interest.  Tianjin Zhongding Chuangxing Automobile Technology Partnership, incorporated by YMMC's distributors, owns a 25% equity interest.

Total registered capital for Suzhou Yuxing is RMB 5 million, pro-rated among the equity owners by their respective interest.

Weng Ming Hoh, President of China Yuchai commented, "This new joint venture will become a service platform to complement our current service stations network in nearly all provinces, and enable us to foster better relationships with our end customers across China."

About China Yuchai International

China Yuchai International Limited, through its subsidiary, Guangxi Yuchai Machinery Company Limited ("GYMCL"), engages in the manufacture, assembly, and sale of a wide variety of light-, medium- and heavy-duty engines for trucks, buses, passenger vehicles, construction equipment, marine and agriculture applications in China.  GYMCL also produces diesel power generators.  The engines produced by GYMCL range from diesel to natural gas and hybrid engines.  Through its regional sales offices and authorized customer service centers, GYMCL distributes its engines directly to auto OEMs and retailers and provides maintenance and retrofitting services throughout China.  Founded in 1951, GYMCL has established a reputable brand name, strong research and development team and significant market share in China with high-quality products and reliable after-sales support.  In 2021, GYMCL sold 456,791 engines and is recognized as a leading manufacturer and distributor of engines in China. For more information, please visit http://www.cyilimited.com.  

Safe Harbor Statement:

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SOURCE China Yuchai International Limited