On November 28, Weichai Power (000338) held Shandong Heavy Industries Weichai Power 2020 Business Conference. At the conference, Tan Xuguang, president of Weichai Power, expressed his confidence in the heavy-duty truck market, showing the sales volume will be over one million units in the next three to five years.

President Tan’s such remarks are based on the fact that China still has over three million trucks in operation with National III Emission Standards. Still, China’s heavy-duty truck market is confronted with a host of challenges, according to Tan.

Shaanxi Heavy-duty Automobile Co., Ltd., with its majority shares held by Weichai Power, aims to achieve a sales volume of 300,000 units light-, medium-, and heavy-duty trucks before 2025. To achieve its goal, the company has been strengthening its R&D and marketing efforts and solidifying its leading position in the fossil fueled commercial vehicle market.