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Big News | Weichai Group Officially Completes the Strategic Reorganization of Lovol Heavy Industries

2021.01.06

　　At 10:00 on Jan. 6, Weichai Group held a press conference in Jinan, Shandong. Tan Xuguang, Chairman of Shandong Heavy Industry Group, Weichai Group, and China National Heavy Duty Truck Group announced that, with the approval of Shandong Provincial SASAC, Weichai Group officially completed the strategic reorganization of Lovol Heavy Industries. Weichai Group now holds 60% stock equity in Lovol Heavy Industry and becomes its controlling shareholder.

　　After the reorganization, relying on its own full range of high-end off-road engines, CVT (Continuously Variable Transmission) powertrain and hydraulic powertrain and other core industrial resources, Weichai make up for Lovol and the whole industry for the shortcomings of the powertrain with efficient and reliable power. Weichai will give full play to its advantages in new technologies such as electronic control, new energy and unmanned driving, and efficiently collaborate with Lovol to build core competitiveness for the intelligentization of agricultural equipment and the creation of smart agriculture in China.

　　At the press conference, Tan Xuguang drew the strategic vision of Lovol Heavy Industries in the future: focus on high-end agricultural equipment, build a world-class agricultural equipment group, achieve the revenue of 50 billion yuan by 2025, enter the first tier of the global industry, and become Weichai group's new drive of development and growth.

　　The cooperation between the two parties is of great strategic significance for accelerating the modernization of China's agriculture industry and conforms to the requirements of China's development strategy. Tan Xuguang said that without the modernization of agricultural equipment, there would be no modernization of agricultural and rural areas. Weichai Group strategically reorganized Lovol Heavy Industries to accelerate the advancement of China's agricultural mechanization and intelligentization, assist the rural revitalization strategy, and lead China's agricultural equipment to the high-end. The market-oriented integration and upgrading of Shandong agricultural equipment will begin and surely put a pair of powerful wings on the high-quality take-off of the Province's agricultural equipment.

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