Sinotruck becomes world's 5th largest heavy truck-maker

Shanghai. December 21 (Gasgoo.com) – China largest heavy truck-maker, Sinotruck, has become one of the five largest heavy truck makers throughout the world, Chinese state news agency Xinhua said yesterday.

 

“Drawing upon its financing and technological strengths, Sinotruck will have the capacity to produce 500 heavy trucks a day next year and will have an annual capacity of 200,000 engines and 500,000 axles,” Ma Jichun, the company’s chairman of board, said yesterday on a business conference held in the truck-maker’s home city of Jinan, Shandong province.

 

"In the next five year, Sinotruck will have adequate capacity to compete with leading truck makers in the world in research and development,” Ma added.

 

Earlier this week, Sinotruck’s heavy truck output of this year has reached 100,000 units. The Shandong-based truck-maker is China’s largest heavy truck maker, which holds 20.8 percent of China's heavy truck market year to date.

 

Last month, Sinotruck went IPO in Hong Kong stock market, raising US$1.2 billion in an initial public offering.

 

This year, the truck maker has exported over 13,000 heavy trucks, leading China’s heavy truck exports for three consecutive years.

 

On December 7 Sinotruck reached a cooperation agreement with Russian largest heavy truck maker Likhachev-AMO ZIL. The two companies will form a 50-50 joint venture, HOWO-ZLL, which will assemble and sell Sinotruck-made HOWO heavy trucks. The joint venture is expected to be able to assemble 250,000 heavy trucks annually by 2012.