Weichai Power celebrates successful 2018, 15th year

Chinese automotive and equipment manufacturer Weichai Power celebrates its rapid growth in 15 years of development since being listed on March 11, 2004 at an event in Hong Kong on March 26. [Photo provided to chinadaily.com.cn]

Chinese automotive and equipment manufacturer Weichai Power, a subsidiary of Weichai Group, celebrated its rapid growth in 15 years of development since being listed on March 11, 2004 at an event in Hong Kong on March 26.

In 2018, the company continued to grow at a steady rate, with its revenue increasing by 5.1 percent year-on-year to 159.26 billion yuan ($25.66 billion), according to its annual financial report released on March 25.

Meanwhile, the company greatly enhanced its profitability, with net profit attributable to the parent company increasing by 27.2 percent year-on-year to 8.66 billion yuan.

Weichai Power is an engine, transmission and axle developer and heavy vehicles, automobile electronics and parts maker located in Weifang Hi-tech Industrial Development Zone, East China's Shandong province.

Tan Xuguang, chairman of Weichai Power, looks back on the company's achievements at an event in Hong Kong, China, on March 26. [Photo provided to chinadaily.com.cn]

Tan Xuguang, chairman of Weichai Power, looked back on the company's achievements at the event. He said having the courage to implement reform measures for innovative development has made Weichai an influential enterprise in international markets.

To promote future development, Tan said the company will strive to break new ground in core technologies to take full advantage of the advancement in the new energy industry and enhance its competiveness in global markets by designing integrated programs for the development of smart logistics.

A worker operates a machine in a factory of Weichai Power, a subsidiary of Weichai Group. [Photo provided to chinadaily.com.cn]