China Yuchai Incorporates Joint Venture Subsidiary Developing Fuel Cell Powertrain Systems
China Yuchai International Limited (NYSE: CYD) has announced the incorporation of a joint venture, Beijing Yuchai Xingshunda New Energy Technology Co., Ltd., focused on developing fuel cell powertrain systems. This venture, established in Beijing with a registered capital of RMB 10 million, will leverage resources from both China Yuchai and Beijing Xing Shun Da Bus Co., Ltd. to enhance manufacturing and sales for the Beijing, Tianjin, and Hebei markets. This strategic move aims to accelerate growth in the emerging clean energy sector.
- Joint venture established with registered capital of RMB 10 million.
- Focus on developing fuel cell powertrain systems, targeting growing clean energy market.
- Combines resources with Beijing Xing Shun Da Bus Co., enhancing operational capabilities.
- None.
SINGAPORE, March 15, 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 the joint venture, Beijing Yuchai Xingshunda New Energy Technology Co., Ltd. , between its subsidiary Yuchai Xin-Lan New Energy Power Technology Co., Ltd. and Beijing Xing Shun Da Bus Co., Ltd., has been incorporated in the Daxing District, Beijing, China with registered capital of RMB 10 million.
As announced on October 20, 2021, the joint venture will combine the resources of both partners to accelerate the development, manufacturing and sale of fuel cell powertrain systems as well as core fuel cell power system components for the Beijing, Tianjin and Hebei markets.
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:
This news release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words "believe", "expect", "anticipate", "project", "targets", "optimistic", "confident that", "continue to", "predict", "intend", "aim", "will" or similar expressions are intended to identify forward-looking statements. All statements other than statements of historical fact are statements that may be deemed forward-looking statements. These forward-looking statements including, but not limited to, statements concerning China Yuchai's and the joint venture's operations, financial performance and condition are based on current expectations, beliefs and assumptions which are subject to change at any time. China Yuchai cautions that these statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors such as government and stock exchange regulations, competition, political, economic and social conditions around the world and in China including those discussed in China Yuchai's Form 20-Fs under the headings "Risk Factors", "Results of Operations" and "Business Overview" and other reports filed with the Securities and Exchange Commission from time to time. Among others, if the COVID-19 pandemic is not effectively and timely controlled, our business operations and financial condition may be materially and adversely affected due to a deteriorating market for automotive sales, an economic slowdown in China and abroad, a potential weakening of the financial condition of our customers, or other factors that we cannot foresee. All forward-looking statements are applicable only as of the date it is made and China Yuchai specifically disclaims any obligation to maintain or update the forward-looking information, whether of the nature contained in this release or otherwise, in the future.
For more information:
Investor Relations
Kevin Theiss
Tel: +1-212-510-8922 (new)
Tel: +1-212-521-4050 (old)
Email: cyd@bluefocus.com
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SOURCE China Yuchai International Limited
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