Weichai Power Co., Ltd. has three major core sections of heavy-duty truck powertrain (engine + transmission + axle), vehicle and other components. It is one of the major manufacturers of high-power high-speed diesel engines in China, mainly to domestic trucks and construction machinery. Manufacturers supply products. Diesel engines are mainly used for supporting end products such as heavy-duty vehicles, engineering machinery, ships, large passenger cars and generator sets. At the end of 2008, Weichai Power developed the world's first "powertrain" product for system matching and development of engines, gears, and axles. In 2008, Weichai Power sold a total of 19,731 heavy truck engines, an increase of 30.37% year-on-year, an increase of 19.29% over the growth rate of the industry. After the completion of the merger and acquisition of the Hunan Torch, Weichai Power will be transformed from a pure diesel engine supplier into an integrated manufacturer of engines, transmissions, axles and vehicles. After the merger is completed, Weichai Power will use the existing platform to integrate the heavy truck component business as its core, and play a synergistic effect among high-quality resources. The non-core assets will be separated according to the company's situation and future development plans. We are able to focus on the main business, promote the growth of the entire vehicle business as a result of the reorganization, and improve the company's core competitiveness.
Benefit from government policy support. In January 2009, the State Council approved the automobile revitalization plan (promulgated in March related regulations). It intends to reduce taxes by 5% for 1.6 liters and below displacement passenger cars in 2009; to support the merger and reorganization of large auto groups and support the backbone of auto parts. Enterprises expand their scale through mergers and acquisitions. In March 2009, the Shandong Provincial Automobile Industry Adjustment and Revitalization Plan (Draft for Soliciting Opinions) pointed out that through the active promotion of the auto industry to speed up reorganization, increase the scale, increase efficiency, promote the development of new energy vehicles, and accelerate the construction of auto and parts export bases, By 2011, the annual production capacity of automobile vehicles in the province will reach 1.35 million, accounting for 10% of the country's total. Shandong Province clarified and cultivated 8-10 large-scale enterprise groups with strong competitiveness, of which two had operating revenue of 100 billion yuan and 4 had 20 billion. The plan is clear. Through mergers and reorganization, Weichai Power and other companies will become important production bases for international heavy-duty vehicles, construction machinery and marine engines. In April 2009, the Ministry of Commerce promulgated the opinion on the promotion of automobile consumption and will support qualified automobile circulation enterprises to merge and reorganize across regions and develop chain operations. A series of supporting policies of the national and local governments have a clear positive effect on the company.
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