Weichai Power
{{Short description|Chinese automotive supplying company}}
{{distinguish|text = Weichai Group, the parent company}}
{{distinguish|text = Weichai (Chongqing) Automotive, the subsidiary}}
{{Advert|date=October 2015}}
{{Infobox company
| name = Weichai Power Co., Ltd.
| logo = Weichai Logo Transparent3.png
| logo_size =
| image =
| image_size = 250px
| image_caption = Weichai headquarters in Weifang, China
| native_name = 潍柴动力股份有限公司
| type =
| traded_as = {{sehk|2338}}
{{szse|000338}}
| genre =
| foundation = 2002
| founder =
| location_city = Weifang, Shandong
| location_country = China
| location =
| key_people = Chairman: Tan Xuguang
| area_served = Worldwide
| industry = Industrial machinery
| products = Automotive parts
Diesel engines
Forklifts
| services =
| revenue = $28.38 billion (2021)
| operating_income =
| net_income = $1.334 billion (2021)
| num_employees = 81,600 (2021)
| parent = Shandong Heavy Industry Group Co., Ltd.{{cite web |last1=Leung |first1=Alison |title=China bulldozer maker bets on Ferretti to power global ambitions |url=https://www.reuters.com/article/shandongheavy-ferretti-idUSL3E8CD0PY20120209 |website=Reuters |date=9 February 2012 |access-date=7 March 2022}}
| divisions =
| subsid = Moteurs Baudouin
| owner =
| slogan =
| homepage = [https://www.weichaipower.com/ 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.{{cite web |title=Weichai Power |url=https://www.forbes.com/companies/weichai-power/ |website=Forbes |date=13 May 2021 |access-date=6 March 2022}}
History
File:Weifang Diesel Engine Works.jpg
Weichai Power was founded on 23 December 2002. Its shares began trading on the Hong Kong Stock Exchange in 2004{{cite web |title=WEICHAI POWER CO. LTD. - H SHARES (2338) |url=https://www.hkex.com.hk/Market-Data/Securities-Prices/Equities/Equities-Quote?sym=2338&sc_lang=en |website=HKEX |date=7 March 2022 |access-date=7 March 2022}} and the Shenzhen Stock Exchange in 2007.{{cite web|title=Stocks |url=http://www.szse.cn/English/siteMarketData/siteMarketDatas/stocks/index.html |website=Shenzhen Stock Exchange |access-date=7 March 2022 |quote=000338 WEICHAI POWER 2007-04-30 6,783,516,821 5,049,762,516 C Manufacturing}}
In 2009, Weichai bought French marine engine manufacturer Moteurs Baudouin. In 2012, it agreed to buy a 25% stake in German forklift manufacturer KION Group for {{euro|738 million}};{{cite web |last1=Taylor |first1=Edward |last2=Kröner |first2=Andreas |title=China's Shandong takes stake in Germany's Kion |url=https://www.reuters.com/article/us-weichai-kion-idINBRE87U0CE20120831 |website=Reuters |date=31 August 2012 |access-date=7 March 2022}} the stake grew to 38.25% by 2016.
Weichai became the first Scuderia Ferrari sponsor from China in January 2013; the sponsorship was to end in 2016.{{cite web |title=Weichai Power, new sponsor of the Scuderia |url=http://formula1.ferrari.com/news/weichai-power-sponsor-scuderia |date=31 January 2013 |website=ferrari.com |archive-url=https://web.archive.org/web/20140323133345/http://formula1.ferrari.com/news/weichai-power-sponsor-scuderia |archive-date=23 March 2014 |access-date=7 March 2022}}
The company appeared on the Fortune 500 list for the first time in 2021, ranking 425th.{{cite web |title=Weichai Power |url=https://fortune.com/company/weichai-power/global500/ |website=Fortune |date=2021 |access-date=7 March 2022}}{{cite web |title=Five Shandong-based companies make Fortune Global 500 list |url=http://shandong.chinadaily.com.cn/2021-08/03/c_648514.htm |website=China Daily |date=3 August 2021 |access-date=7 March 2022}}
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.{{Cite web |date=2023-11-06 |title=Weichai, Bosch strengthen ties in technological innovation |url=http://shandong.chinadaily.com.cn/2023-11/06/c_936564.htm |access-date=2024-05-15 |website=shandong.chinadaily.com.cn |language=en}}
In 2023 Weichai partnered with BYD, a Shenzhen-based{{cite web | url=https://asia.nikkei.com/Companies/BYD-Co.-Ltd | title=BYD Co., Ltd }} 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.{{Cite web |last=Pandaily |date=2023-05-15 |title=BYD Partners with A Chinese Diesel Engine Manufacturer |url=https://pandaily.com/byd-partners-with-a-chinese-diesel-engine-manufacturer/ |access-date=2024-01-27 |website=Pandaily |language=en-US}}
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.{{Cite press release | author=Weichai Power Co., Ltd |title=Four World Records Set Weichai Power Unveils World's First Diesel Engine with 53.09% Thermal Efficiency |url=https://www.prnewswire.com/apac/news-releases/four-world-records-set-weichai-power-unveils-worlds-first-diesel-engine-with-53-09-thermal-efficiency-302122681.html |access-date=2024-07-13 |website=www.prnewswire.com |language=en}}
Achievements
- 2007 China Quality Award{{cite web |editor-last1=Wei |editor-first1=Frederick |title=Weichai Power Won Award |url=http://www.chinabuses.com/english/news/0712/13002.htm |website=chinabuses.com |date=13 December 2007 |access-date=7 March 2022}}
- 2023 Manufactured engine for the most powerful truck in the world, the Shacman X6000, producing 800 horsepower.{{Cite web |title=The 800hp Shacman X6000 800 becomes the world's most powerful production truck |url=http://www.commercialmotor.com/product-news/article/800hp-shacman-x6000-800-becomes-worldE28099s-most-powerful-production-truck |access-date=2024-07-13 |website=www.commercialmotor.com |language=en}}
- 2024 Most efficient diesel engine in the world with 53.09% thermal efficiency.{{Cite web |date=2024-07-01 |title=China already testing the most efficient engine in history: No EVs, no FCEVs |url=https://www.ecoticias.com/en/no-evs-no-fcevs/3807/ |access-date=2024-07-13 |language=en-US}}
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References
{{Reflist|colwidth=30em}}
{{Motor vehicle manufacturers of the People's Republic of China}}
{{SZSE 100 Index}}
{{authority control}}
Category:Companies listed on the Hong Kong Stock Exchange
Category:Companies listed on the Shenzhen Stock Exchange
Category:Energy companies established in 2002
Category:Government-owned companies of China
Category:Companies based in Weifang
Category:2002 establishments in China
Category:Chinese companies established in 2002
Category:Forklift truck manufacturers
Category:Diesel engine manufacturers
Category:Electrical generation engine manufacturers
Category:Automotive transmission makers