China Yuchai Repositions Long-Term Growth Strategy Through Investment in New Energy Technologies
China Yuchai International Limited (NYSE: CYD) announced a partnership with the Government of Nanning Municipality to enhance production capacity for new energy technologies. This initiative is spearheaded through the establishment of Yuchai Xin-Lan New Energy Power Technology Co., Ltd. with an investment of RMB 500 million. The project focuses on developing hydrogen fuel cell buses and electric power technologies for various sectors including public transportation and logistics, marking a significant step towards sustainable energy solutions.
- Establishment of Yuchai Xin-Lan New Energy Power Technology Co., Ltd. to focus on new energy technologies.
- Investment of RMB 500 million reflects commitment to innovation and growth.
- Collaboration with Nanning supports the development of hydrogen fuel cell buses and electric power technologies.
- None.
SINGAPORE, Sept. 23, 2021 /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 it has entered into an agreement with the Government of Nanning Municipality ("Nanning") to research, develop and construct new production capacity for new energy technologies including fuel cell systems, range extenders, hybrid power, electric drive system, etc.
GYMCL has established a wholly owned subsidiary, Yuchai Xin-Lan New Energy Power Technology Co., Ltd., with registered capital of RMB 500 million, as the main investment vehicle for the construction of the Yuchai Xin-Lan New Energy Power Project ("the Project"). The Project will accelerate GYMCL's development of new energy technologies. Nanning will help drive this Project as a pilot operation for hydrogen fuel cell buses and promote the use of electric power technologies and hybrid systems in the public transportation, logistics, sanitation, engineering, etc.
Mr. Weng Ming Hoh, President of China Yuchai, commented, "Yuchai Xin-Lan is an exciting new milestone as we evolve towards new energy solutions."
About China Yuchai International
China Yuchai International Limited, through its subsidiary, 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 2020, GYMCL sold 430,320 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: +1-212-521-4050
Email: cyd@bluefocus.com
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SOURCE China Yuchai International Limited
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