-- Continued Achievements on Green Technology --
SINGAPORE, March 5 /Xinhua-PRNewswire-FirstCall/ -- China Yuchai International Limited (NYSE: CYD) ("China Yuchai" or the "Company"), the leading manufacturer and distributor of diesel engines in China, announced today that its subsidiary, Guangxi Yuchai Machinery Company Limited ("Yuchai"), has won a major contract in Beijing.
In the recent third round of the Beijing municipal bus National IV standard open bid program, despite intense competition, Yuchai was awarded the contract to install its diesel engines for all 866 buses. Through the award of this contract, the Beijing Transportation Authority has recognized Yuchai as the leading provider of high-quality engines in China. The Beijing Transportation Authority is currently in the midst of preparing and coordinating the anticipated vast transportation needs for the Beijing Olympics commencing on August 8, 2008. The National IV standard, an equivalent to the Euro IV emission standard, is required by China’s EPA for the city of Beijing to curb auto emissions.
A "Green" Olympics is one of the Beijing government’s core initiatives and recently Beijing has widely adopted the National IV standard to reduce emissions pollution. The Beijing municipal bus authority launched an open bid program to invite all OEMs and auto-part makers to bid for the contract for the National IV buses. Yuchai was the only Chinese domestic engine producer to win the first round of open bidding against the bid-win ratio of 18% which improved to 32% in the second round. In the first two rounds, Yuchai secured contracts for a total of 1,000 engines. Many of the engines have already been installed and are in use in Beijing buses. In the recent third round bidding, Yuchai scored a perfect 100% bid-win ratio to secure the contract for all 866 buses.
About China Yuchai International
China Yuchai International Limited, through its subsidiary, Guangxi Yuchai Machinery Company Limited ("Yuchai"), engages in the manufacture, assembly, and sale of a wide array of light-duty, medium-sized and heavy-duty diesel engines for construction equipment, trucks, buses, and cars in China. Yuchai also produces diesel power generators, which are primarily used in the construction and mining industries. With over 30 regional sales offices and 460 authorized customer service centers, the Company distributes its diesel engines directly to auto OEMs and retailers and provides maintenance and retrofitting services throughout China. Founded in 1951, Yuchai has established a reputable brand name, strong research & development team and significant market share in China with high-quality products and reliable after-sales support. In 2007, Yuchai sold approximately 383,000 diesel engines and was consistently ranked No. 1 in unit sales by the China Association of Automobile Manufacturers. For more information, please visit http://www.hlcorp.com.sg/cyi .
Safe Harbor Statement
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words "believe," "expect," "anticipate," "project," "targets," "optimistic," "intend," "aim," "will" or similar expressions are intended to identify forward-looking statements. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. These forward-looking statements are based on current expectations or beliefs, including, but not limited to, statements concerning the Company’s operations, financial performance and condition. For this purpose, statements that are not statements of historical fact may be deemed to be forward-looking statements. The Company cautions that these statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors, including those discussed in the Company’s reports filed with the Securities and Exchange Commission from time to time. The Company specifically disclaims any obligation to update the forward-looking information in the future.
For more information, please contact:
Kevin Theiss / Dixon Chen
The Global Consulting Group
Tel: +1-646-284-9409
Email: ktheiss@hfgcg.com
dchen@hfgcg.com
