SINGAPORE, March 2 /PRNewswire-Asia/ -- China Yuchai International Limited (NYSE: CYD) (“China Yuchai” or the “Company”) whose subsidiary, Guangxi Yuchai Machinery Company Limited ("GYMCL"), is a leading manufacturer and distributor of diesel engines in China, today announced total sales of approximately 372,000 diesel engine units for the year ended December 31, 2008. These sales represent the second highest unit sales in GYMCL’s history and has resulted in GYMCL retaining its No. 1 ranking in diesel engine unit sales by the China Association of Automobile Manufacturers.
The diesel engine unit sales for 2008 reflect strong demand before the adoption of stricter National III engine emission standards on July 1, 2008.
The Chinese government recently announced a stimulus package to boost the Chinese automotive industry as well as focus on rural market development and the nation-wide infrastructure build-out including railway and highway construction. According to recent data from the Chinese government, January 2009 was a landmark month for the Chinese auto industry as China surpassed the United States to become the world’s largest consumer of automotive vehicles. The farming equipment market in China also experienced strong growth as the government accelerated rural subsidies and increased budgets of provincial authorities to help improve agriculture production. As part of the automotive stimulus package, a one-time subsidy totaling RMB5 billion (US$732 million) will be provided to farmers for the replacement of their current,
high-emission vehicles with more fuel-efficient and environmentally friendly models.
About China Yuchai International
China Yuchai International Limited, through its subsidiary, Guangxi Yuchai Machinery Company Limited ("GYMCL"), 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. GYMCL also produces diesel power generators, which are primarily used in the construction and mining industries. Through its regional sales offices and 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, GYMCL 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, GYMCL sold approximately 383,000 diesel engines and was consistently ranked No. 1 in unit sales by China Association of Automobile Manufacturers. For more information, please visit http://www.cyilimited.com
Safe Harbor Statement
This news release may contain 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 may 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. 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
Grayling
Tel: +1-646-284-9409
Email: ktheiss@hfgcg.com
dchen@hfgcg.com
