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Weichai Power

Not to be confused with Weichai Group, the parent company.
Not to be confused with Weichai (Chongqing) Automotive, the subsidiary.
Weichai Power Co., Ltd.
Native name
潍柴动力股份有限公司
SEHK: 2338
SZSE: 000338
IndustryIndustrial machinery
Founded2002
Headquarters
Weifang, Shandong
,
China
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]
ParentShandong Heavy Industry Group Co., Ltd.[2]
SubsidiariesMoteurs Baudouin
Websitewww.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]

History

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

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

  • 2007 China Quality Award[13]
  • 2023 Manufactured engine for the most powerful truck in the world, the Shacman X6000, producing 800 horsepower.[14]
  • 2024 Most efficient diesel engine in the world with 53.09% thermal efficiency.[15]

References

  1. ^ a b c d e "Weichai Power". Fortune. 2021. Retrieved 7 March 2022.
  2. ^ a b Leung, Alison (9 February 2012). "China bulldozer maker bets on Ferretti to power global ambitions". Reuters. Retrieved 7 March 2022.
  3. ^ a b "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.
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