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Sinotruk increases exports

By Wan Zhihong (China Daily)
Updated: 2008-08-02 09:57

Sinotruk, the country's leading heavy-duty truck manufacturer, plans to sell one-third of its products to overseas markets by 2010.

The Jinan-based company will also quicken its pace in setting up manufacturing facilities overseas. "We have started our joint venture in Vietnam, and we are also in talks with foreign partners to establish some other facilities overseas," said Ma Chunji, chairman of Sinotruk.

In the first half of this year, the company exported over 6,300 heavy-duty trucks, earning $260 million. The figure has seen 35 percent growth year-on-year.

The group now has four major overseas markets, which are the former Soviet Union countries, the Middle East, Southeast Asia and Africa, said Ma.

It is targeting emerging markets as its vehicles are more competitive in these areas, he said. The truck maker now has no plan to develop vehicles for Europe and North America, he added.

Ma attributed the company's good performance in export to the efforts on technology improvement and a robust demand from overseas markets. He also admitted that the company was under pressure from soaring steel prices.

But a new engine, which meets Euro III emission standards, may help boost Sinotruk's export. The engine "will make their vehicles more competitive," Ma said.

"Overseas development is one important strategy for us. We will further improve our technology as well as management in the process of going abroad," said Ma.

The company has reached cooperation agreements with over 30 world famous auto parts companies, such as Delphi, ZF and WABCO. Among them ZF and VOSS have built plants in Jinan to directly supply products to Sinotruk.

The company has also set up a high-quality talent team and will further optimize product structure, said Ma.

Sinotruk started its overseas development strategy in 2004. Under the strategy, the company's exports achieved $323 million in 2005 and 2006.

In 2007, the company's export accounted for around 60 percent of China's total export of heavy-duty trucks. It was identified by the Ministry of Commerce and the National Development and Reform Commission as the export base for vehicles and auto parts.

This year Sinotruck aims to produce 125,000 units of heavy-duty truck and reach 45 billion yuan in sales revenue. The company also plans to take one-third of the domestic market by 2010, and upgrade one-third of its products through technology innovation by the same year.

Now Sinotruk is among the world's top five heavy-duty truck producers. The company has established its name by manufacturing China's first heavy-duty truck named Huanghe, introducing the Steyr series production technology.

Last year, Sinotruk raised HK$9 billion in an initial public offering in Hong Kong to fund expansion.

Sales of heavy-duty trucks in China rose by around 50 percent last year, double the pace of the overall vehicle market.