Weichai Power

Last updated
Weichai Power Co., Ltd.
Native name
潍柴动力股份有限公司
SEHK:  2338
SZSE: 000338
IndustryIndustrial machinery
Founded2002
Headquarters,
Area served
Worldwide
Key people
Chairman: Tan Xuguang [1]
ProductsAutomotive parts
Diesel engines
Forklifts
Revenue$28.38 billion (2021) [1]
$1.334 billion (2021) [1]
Number of employees
81,600 (2021) [1]
Parent Shandong Heavy Industry Group Co., Ltd. [2]
Subsidiaries Moteurs Baudouin
Website www.weichaipower.com

Weichai Power Co., Ltd. is a Chinese developer and manufacturer of diesel engines in Weifang, Shandong in the People's Republic of China. It also manufactures forklifts and non-diesel engine automotive parts. [3]

Contents

History

Weifang Diesel Engine Works, 1953 Weifang Diesel Engine Works.jpg
Weifang Diesel Engine Works, 1953

Weichai Power was founded on 23 December 2002. [3] Its shares began trading on the Hong Kong Stock Exchange in 2004 [4] and the Shenzhen Stock Exchange in 2007. [5]

In 2009, Weichai bought French marine engine manufacturer Moteurs Baudouin. [2] In 2012, it agreed to buy a 25% stake in German forklift manufacturer KION Group for €738 million; [6] the stake grew to 38.25% by 2016.

Launching of Weichai New logo, Ferrari, China, 2014 Ferrari and Weichai.jpg
Launching of Weichai New logo, Ferrari, China, 2014

Weichai became the first Scuderia Ferrari sponsor from China in January 2013; the sponsorship was to end in 2016. [7]

The company appeared on the Fortune 500 list for the first time in 2021, ranking 425th. [1] [8]

Since 1999, Weichai Group has partnered itself with Bosch, an engineering company based in Gerlingen, Germany, to share research and development on technologies such as fuel cells and common rail fuel-injection systems. On November 3, 2023, they both signed a strategic cooperation agreement where they agreed to cooperate on the development of new technologies, such as high thermal efficiency diesel engines. [9]

In 2023 Weichai partnered with BYD, a Shenzhen-based [10] electric vehicle manufacturer and also the biggest electric vehicle manufacturer in the world. Both companies plan to develop new electric vehicle technology, as Weichai has planned since 2010 to focus on new energy options and has invested approximately $550 million in research and development of electric, hybrid and hydrogen fuel cell engines. [11]

In 2024 Weichai demonstrated the most efficient diesel engine in the world at the World Congress on Internal Combustion Engines in Tianjin, China. This diesel engine has 53.09% thermal efficiency as verified by Technischer Überwachungsverein, an international testing body. It is expected that the engine would perform with 14% better fuel efficiency than previous engines, which would reduce operating costs and reduce carbon footprint. [12]

Achievements

Related Research Articles

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<span class="mw-page-title-main">Fuel cell vehicle</span> Vehicle that uses a fuel cell to power its electric motor

A fuel cell vehicle (FCV) or fuel cell electric vehicle (FCEV) is an electric vehicle that uses a fuel cell, sometimes in combination with a small battery or supercapacitor, to power its onboard electric motor. Fuel cells in vehicles generate electricity generally using oxygen from the air and compressed hydrogen. Most fuel cell vehicles are classified as zero-emissions vehicles. As compared with internal combustion vehicles, hydrogen vehicles centralize pollutants at the site of the hydrogen production, where hydrogen is typically derived from reformed natural gas. Transporting and storing hydrogen may also create pollutants. Fuel cells have been used in various kinds of vehicles including forklifts, especially in indoor applications where their clean emissions are important to air quality, and in space applications. Fuel cells are being developed and tested in trucks, buses, boats, ships, motorcycles and bicycles, among other kinds of vehicles.

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Weichai Holding Group Co., Ltd. is a Chinese state-owned enterprise specialized in the design, manufacturing and sale of diesel engines. The company operates on four different business sectors which are engines and vehicles, powertrains, luxury yacht and automotive parts. Headquartered in Weifang, Shandong Province, China, the Weichai Group is holding more than 80 subsidiaries set throughout China and overseas. The group offers products, services and technologies for commercial vehicles, construction machinery, marine power, agriculture machinery and power generation. Thanks to its subsidiaries, it also provides transporting equipment, buses, luxury yachts and hydraulics products. Having more than 35 offices and 245 authorized services stations through the world, Weichai products are sold in approximately 110 countries.

<span class="mw-page-title-main">BYD Tang</span> Mid-size crossover SUV

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References

  1. 1 2 3 4 5 "Weichai Power". Fortune. 2021. Retrieved 7 March 2022.
  2. 1 2 Leung, Alison (9 February 2012). "China bulldozer maker bets on Ferretti to power global ambitions". Reuters. Retrieved 7 March 2022.
  3. 1 2 "Weichai Power". Forbes. 13 May 2021. Retrieved 6 March 2022.
  4. "WEICHAI POWER CO. LTD. - H SHARES (2338)". HKEX. 7 March 2022. Retrieved 7 March 2022.
  5. "Stocks". Shenzhen Stock Exchange. Retrieved 7 March 2022. 000338 WEICHAI POWER 2007-04-30 6,783,516,821 5,049,762,516 C Manufacturing
  6. Taylor, Edward; Kröner, Andreas (31 August 2012). "China's Shandong takes stake in Germany's Kion". Reuters. Retrieved 7 March 2022.
  7. "Weichai Power, new sponsor of the Scuderia". ferrari.com. 31 January 2013. Archived from the original on 23 March 2014. Retrieved 7 March 2022.
  8. "Five Shandong-based companies make Fortune Global 500 list". China Daily. 3 August 2021. Retrieved 7 March 2022.
  9. "Weichai, Bosch strengthen ties in technological innovation". shandong.chinadaily.com.cn. 2023-11-06. Retrieved 2024-05-15.
  10. "BYD Co., Ltd".
  11. Pandaily (2023-05-15). "BYD Partners with A Chinese Diesel Engine Manufacturer". Pandaily. Retrieved 2024-01-27.
  12. Weichai Power Co., Ltd. "Four World Records Set Weichai Power Unveils World's First Diesel Engine with 53.09% Thermal Efficiency". www.prnewswire.com (Press release). Retrieved 2024-07-13.
  13. Wei, Frederick, ed. (13 December 2007). "Weichai Power Won Award". chinabuses.com. Retrieved 7 March 2022.
  14. "The 800hp Shacman X6000 800 becomes the world's most powerful production truck". www.commercialmotor.com. Retrieved 2024-07-13.
  15. "China already testing the most efficient engine in history: No EVs, no FCEVs". 2024-07-01. Retrieved 2024-07-13.