China Yuchai and Sany Form New Strategic Partnership
SINGAPORE, July 15, 2020 /PRNewswire/ -- China Yuchai International Limited (NYSE: CYD) ("China Yuchai"), a leading automotive 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 it has entered into a new strategic partnership agreement with Sany Truck to enhance the core competitiveness of both companies.
At a recent meeting at Yuchai's main production plant in Yulin, China, Mr. Liang Linhe, Director of Sany Group Co., Ltd. and Chairman of Sany Truck met with Mr. Yan Ping, Chairman of GYMCL, and concluded the signing of a new strategic partnership agreement.
According to the agreement, GYMCL and Sany Truck will further expand the breadth and depth of cooperation regarding technology, marketing, services and resource sharing to ensure that Yuchai becomes a strategic OEM supplier to Sany Truck.
Based in Hunan Province China, Sany Group Co. Ltd. is China's leading machinery equipment maker and is an industry-leading global manufacturer of construction and mining equipment, port machinery, oil drilling machinery and renewable wind energy systems. Sany is considered to be one of the world's largest concrete machinery manufacturers and the number one manufacturer of construction equipment in China. Sany has built 25 manufacturing bases, and has over 100 offices with more than 400 agents and 8,000 suppliers worldwide.
Mr. Weng Ming Hoh, President of China Yuchai, commented, "We are proud to have Sany as our strategic partner and we look forward to empowering their ongoing growth with our advanced manufacturing capabilities and a large diversified portfolio of engines."
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 2019, GYMCL sold 376,148 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.
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SOURCE China Yuchai International Limited