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China's strongest auto parts and assembly system industry group, Weichai Power Co., Ltd. (hereinafter referred to as Weichai Power), and Beijing’s largest commercial vehicle manufacturer, Beiqi Foton Motor Co., Ltd. (hereinafter referred to as Foton Motors) in Beijing Strategic cooperation agreement. The two sides will establish a long-term market strategic cooperation relationship based on the close cooperation in the previous period. This will further promote the in-depth development of bilateral cooperation and greatly enhance the competitiveness of both parties in their respective fields.
According to the agreement, Foton Motor will ensure that the matching ratio of Weichai power engines and gearboxes in its heavy-duty vehicle sector will gradually increase in 2007 over the next five years. In addition to the foreign branded engine products introduced and co-produced and jointly produced, the heavy truck engines and gearboxes that compete with Weichai will not be developed and produced in the next five years, and will be clearly defined in the new developed models other than heavy-duty vehicles. Chai Power is the only power system strategic partner for domestic brands. In addition, the two parties will also integrate and share advantageous resources in the areas of service station integration and sharing, technology research and development, marketing and brand communications, and work together to achieve a win-win situation in market competition.
As China's strongest auto parts and assembly system industry group, in 2007, Weichai Power achieved a performance of 4.42 yuan per share and successfully won the first stock in Shenzhen. The huge economies of scale and the ability of independent technological innovation have provided Weichai Power with a strong competitive edge. In particular, its independently developed R&D China's first National III and State IV emission standard “Lan Qing†WP series engine is also superior to the performance of similar international products, and has become the benchmark and supporting preferred product for industrial technological progress.
Weichai Power has been the main supplier of key components such as heavy-duty truck engines and gearboxes for many years, and both parties have maintained a long-term cooperative relationship in product manufacturing, technology research and development and sales services, and have been actively exploring more in-depth Cooperation approach. This strategic cooperation is an attempt by both parties to combine capital operation and product market. Weichai Power has thus been able to have a stable customer relationship, and Foton Motor has also obtained competitive power and gearboxes with excellent performance and competitiveness. It will help improve the market share of both parties. The products of the two parties are highly relevant and have many entry points in the brand's reciprocal propaganda. They have positive significance in promoting both brands, which can reduce the cost of corporate propaganda and increase brand awareness. Weichai Power's “Services Shinkansen†has more than 3,000 service stations and maintenance points all over the world. Sharing service stations will greatly improve the quality of both parties' after-sales service and further increase their competitiveness in their respective fields.
Taking into account the good development prospects and broad market space of China's heavy vehicles, especially in the face of China's motor vehicles will fully implement the requirements of the National III emission standards, both parties believe that they should use their respective engine, gear box manufacturing and vehicle manufacturing Advantages and the establishment of strategic partnerships that go beyond product ties are not only the needs of the two companies' international development strategies but also the need to participate in increasingly fierce domestic competition. Weichai Power can achieve the goal of stabilizing product support markets and expanding competitive advantages. Foton Motor can also build brand advantages, increase market share, increase the pace of internationalization, and achieve mutual win-win development.
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