| Weichai Power Co., Ltd. | |
| Traded As: | |
| Foundation: | 2002 |
| Location City: | Weifang, Shandong |
| Location Country: | China |
| Key People: | Chairman Tan Xuguang |
| Area Served: | Worldwide |
| Industry: | Industrial machinery |
| Products: | Automotive parts Diesel engines Forklifts |
| Revenue: | $28.38 billion (2021) |
| Net Income: | $1.334 billion (2021) |
| Num Employees: | 81,600 (2021) |
| Parent: | Shandong Heavy Industry Group Co., Ltd.[1] |
| Subsid: | Moteurs Baudouin |
| Homepage: | 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.[2]
Weichai Power was founded on 23 December 2002.[2] Its shares began trading on the Hong Kong Stock Exchange in 2004[3] and the Shenzhen Stock Exchange in 2007.[4]
In 2009, Weichai bought French marine engine manufacturer Moteurs Baudouin.[1] In 2012, it agreed to buy a 25% stake in German forklift manufacturer KION Group for ;[5] 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.[6]
The company appeared on the Fortune 500 list for the first time in 2021, ranked 425.[7] [8]
Since 1999, Weichai 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.[9]
In 2023 Weichai and BYD a Xi'an-based electric vehicle manufacturer and also the biggest electric vehicle manufacturer in the world. Both companies plan to develop new electric vehicle technology as Weichai planned since 2010 to focus on new energy options, since then the company has invested approximately $550 million in research and development of new energy powers like electric, hybrid and hydrogen fuel cell.[10]
In 2024 Weichai demonstrated the most efficient diesel engine in the world at World Congress on Internal Combustion Engines in Tianjin, China. The diesel engine developed by the company has 53.09% thermal efficiency which is acknowledged by Technischer Überwachungsverein an international testing body. It is assumed that the engine would perform 14% more fuel efficient than previous engines, which would reduce overall operating cost and also reduce carbon footprint.[11]