weichai holding group co. ltd. type state owned enterprise traded as sehk 2338 szse 000338 industry automotive heavy equipment engines founded 1946 headquarters weifang shandong people s republic of china area served worldwide key people chairman tan xuguang products diesel engines powertrains transmission mechanics axles automobile components and spare parts power generation vehicles yachts hydraulics products revenue 12.88 billion 2014 1 net income 812 million 2014 total assets 19.4 billion 2014 number of employees 64 817 employees 2014 2 parent shandong heavy industry subsidiaries subsidiary list weichai power co. ltd. weichai heavy machinery co. ltd. soci t internationale des moteurs baudouin ferretti spa kion group ag linde hydraulics ltd. shaanxi automobile group co. ltd. shaanxi fast auto drive group company shaanxi hande axle co. ltd. yangzhou asiastar bus co. ltd. weichai chongqing automotive co. ltd. zhuzhou torch spark plugs co. ltd. zhuzhou gear co. ltd. website weichai holding group co. ltd. weichai holding group co. ltd. chinese is a chinese state owned enterprise specialized in the design manufacturing and sale of diesel engines . the company operates on four different business sectors which are engines and vehicles powertrains luxury yacht and automotive parts . headquartered in weifang shandong province china the weichai group is holding more than 80 subsidiaries set throughout china and overseas . the group offers products services and technologies for commercial vehicles construction machinery marine power agriculture machinery and power generation . thanks to its subsidiaries it also provides transporting equipment buses luxury yachts and hydraulics products . having more than 35 offices and 245 authorized services stations through the world weichai products are sold in approximately 110 countries . 3 contents 1 group history 1.1 from the origins to 2007 1.2 overseas mergers and acquisitions 1.3 today 2 group vision 3 weichai s brands 4 businesses 5 awards 6 see also 7 references 8 external links group history edit weichai headquarters weifang china 2014 from the origins to 2007 edit weichai formerly known as yucheng ironworks was founded in 1946 in weihai shandong province china . based on this company the ministry of people s armed forces of weihai established jianguo ironwork cooperatives which was later renamed coastal ironworks . it mainly manufactured 79 type rifles and repaired steamboats . it is two years later that coastal ironworks moved to weifang where they started to manufacture 15 hp and 40 hp low speed diesel engines . at the same time the company was renamed dahua machinery factory . in 1953 the company successfully launched the 6108 series diesel engine and was renationalized into the fourth mechanical industry bureau in the first ministry of machine building industry . the same year it was renamed weifang diesel engine works and started research development and production of diesel engines . weifang diesel engine works 1953 from 1955 the czech 6160 diesel engine was successfully trial manufactured and became the dominant engine model for china s coastal fishing and inland shipping . ten years later weichai was named one of the seventy daqing type enterprises a famous national denomination in terms of industrial production . in 1968 the 6200 marine diesel engine was developed and manufactured for light fishing vessels . in 1970 the national defense industry requested weichai to develop and produce the 8v160 type tank engine . weichai r & d team successfully developed an 800 hp tank engine and won in 1978 the national science conference prize . in 1984 the austrian heavy duty vehicle engine steyr wd615 was introduced . wd615 passed the national level project acceptance certification in 1989 establishing a new pattern of parallel development of both medium and high speed diesel engines for the factory . faced to a serious situation in 1998 the new management team made three commitments to lead the company to implement the three one thirds property reforms through innovation which included labor personnel and compensation . weichai got its activity fields more diversified in 2000 . indeed china s modern power and construction engineering coordination seminar held in weifang identified weichai s wd615 engine as the new generation product for construction machinery . weichai power co. ltd. was incorporated in 2002 . 4 two years later the latter was listed on the hong kong stock exchange starting a new step of international capital development for the company . weichai power possesses a full industry chain of power systems including engines transmissions and axles heavy vehicles automobile electronics and parts . in 2005 weichai launched the euro iii landking series engines wp10 and wp12 which are china s first euro iii diesel engines . in the same year weichai power acquired torch automobile group co. ltd. allowing weichai to own among others heavy duty trucks transmissions and axles . in 2006 weichai power formed the international strategic alliance with companies in the industry such as foton bosch and avl in order to explore new approaches for product innovation . 5 in 2007 weichai power was listed on the shenzhen stock exchange creating the first domestic case of an h to a innovative capital operation . at the same time weichai heavy machinery formerly shandong juli was re listed on the shenzhen stock exchange . the latter is covering large medium and small whole series of marine power and power generation equipment . overseas mergers and acquisitions edit in january 2009 weichai s acquisitions started with soci t internationale des moteurs baudouin 6 a french company who designs and manufactures marine engines . then in july 2012 weichai group signed a strategic cooperation agreement with ferretti group the luxury yachts italian group in order to acquire 75 % of its stake . 7 ferretti press conference china 2012 in september 2012 weichai power also signed a strategic cooperation agreement with the kion group in order to acquire 25 % of the kion group s shares and 70 % of the shares of kion s subsidiary linde hydraulics . today edit in 2013 weichai power became a global sponsor of the ferrari f1 team under a 4 year contract strategic alliance . 8 launching of weichai new logo ferrari china 2014 since 2005 weichai cooperates with several chinese universities shandong university tianjin university tongli university tsinghua university jilin university and zhejiang university with the goal of developing advanced technologies and applications into industrialization . currently weichai group owns many well known brands in china and overseas getting in this way several market advantages . totally it has six global operations centers located overseas wiesbaden in germany forl in italy cassis in france chicago in the united states singapore and pune in india which are all running testing centers and research and development platforms . 9 group vision edit green power international weichai is the current mission of weichai . the company focuses on controlling the entire industry chain to care about the environment and integrating all resources to play on the global scene . moreover the customers satisfaction is a big part in the weichai s development program . in more concrete terms weichai aims in the next several years to achieve a sales income of 200 billion of yuan and to be in the world top 500 enterprises . weichai s brands edit weichai holds several well known brands in china . in 2015 hereinafter is the list of weichai s brands weichai power co. ltd. hk2338 sz000338 founded in 2002 and headquartered in weifang shandong province china its core activities are powertrain engines transmissions and axles vehicle engines hydraulic control and auto parts . shaanxi heavy duty motor co. ltd. or shacman founded in 1968 and headquartered in xi an shaanxi province china it manufactures commercial vehicles especially heavy duty trucks . shaanxi fast auto drive group company or fast founded in 1968 formerly shaanxi auto gear general works and headquartered in xi an shaanxi province china mainly manufactures heavy duty auto transmissions auto gears forgings and castings . shaanxi hande axle co. ltd. was jointly invested and built up by weichai power co. ltd. and shaanxi automobile group co. ltd. in 2003 . headquartered in xi an shaanxi province china it is mainly manufacturing axles . yangzhou asiastar bus co. ltd. founded in 1949 possesses two production bases located in yangzhou and xiamen china . it is manufacturing many various types of coaches intercity buses school buses high end sightseeing buses urban buses private coaches luxury caravans special vehicles and other environment friendly buses . weichai power yangzhou diesel engine co. ltd. recombined with weichai power in 2009 is located in yangte river delta china . it is manufacturing diesel engines mainly used in light trucks and light buses low speed trucks self unloading trucks croppers etc. zhuzhou gear co. ltd. founded in 1958 headquartered in hunan province china is working on r & d manufacturing and sales of drive axle gears transmissions transfer cases and reduction boxes . zhuzhou torch spark plugs co. ltd. has been created in 1961 and is located in zhuzhou hunan province china . torch spark plugs brand can be used for automotive motorcycles small gasoline engines special industrial spark plugs weichai chongqing automotive co. ltd. is the subsidiary company wholly owned by weichai power co. ltd. since 2012 formerly named chongqing jialing chuanjiang automobile manufacturing co. ltd headquartered in chongqing china . it is a large automobile manufacturing enterprise which is qualified to produce m1 m2 m3 n1 n2 n3 series vehicle . weichai heavy machinery co. ltd. has been restructured by weichai holding group co. ltd in 2006 . the company develops manufactures and sells marine power and power generation equipments medium speed and high speed diesel engines generator sets and integrated power systems . soci t internationale des moteurs baudouin headquartered in cassis france created in 1918 is the power generation specialist for the marine and inland shipping industry . weichai power acquired moteurs baudouin in 2009 . 10 ferretti group is an italian multinational shipbuilding company founded in 1968 which owns eight yacht brands . weichai group signed a strategic restructuration agreement with ferretti company in 2012 and obtained 75 % of its shares . 11 linde hydraulics ltd. founded in 1904 based in aschaffenburg germany is a global developer and supplier of modular drive systems consisting of hydraulics electrical engineering and electronics . in 2012 weichai power agreed to acquire a 25 % stake in kion group and a 70 % majority stake in kion s hydraulics business . 12 businesses edit wp13 series engine for trucks from 358 to 445 kw 480 to 605hp the company operates on four different business sectors powertrain weichai focuses on engines but also on other parts as transmissions axles or generating sets for different applications high speed light duty engines high speed medium duty engines high speed heavy duty engines medium speed diesel engines low speed diesel engines . the main targeted markets include trucks buses construction machinery marine power power generation and agriculture machinery vehicles and engines subsidiaries as shacman asiastar or shengda special vehicles provide weichai with different vehicles market heavy duty automobile coaches special vehicles and commercial vehicles . key components thanks to its subsidiaries linde hydraulics torch sparks plugs zhuzhou gear etc. weichai power provides different auto parts including hydraulic parts spark plugs gears piston pins auto lamps luxury yachts founded in 1968 italian ferretti group is a luxury yachts manufacturer and owns the following yacht brands ferretti yachts pershing itama riva mochi craft crn custom line . in order to build a blue economic zone in the shandong peninsula weichai group signed a strategic restructuration agreement with ferretti company on january 2012 and obtained 75 % of the shares of new ferretti company for a price of 374 million euros . 13 awards edit thanks to a rapid development weichai won several national prices national quality award 2007 14 national innovative enterprise 2009 15 national demonstration base of enterprise culture 2011 chinese industry award 2011 16 national in depth integration model of information technology and industrialization