At the beginning of June 2010, Yangzhou Yapu Auto Parts Co., Ltd. established a joint-venture vehicle system company in India with a share of 51:49. Recently, Weichai Power also made a special trip to inspect the Indian market.
Experts believe that the current automobile consumption in India is still in large-scale blowouts. Ford, Volkswagen and other automobile manufacturers have recently introduced new cars to India to stimulate demand in the Indian car market. The Indian Automobile Manufacturers Association predicts that at the end of the fiscal year in March 2011, India’s automobile sales will increase by 12% to 1.71 million vehicles, and the production capacity of spare parts will hamper the development of the Indian automobile industry. According to statistics, in 2009, India was only the eighth largest export market for engine components in China, with an export value of US$65 million. In the first six months of 2010, China’s export of parts and components to India increased by 115.67% year-on-year. India has become China's fastest growing export market for engine components in Asia.
It is understood that Weichai has always attached great importance to the development of overseas markets. As early as in February 2009, Weichai Power took 2.99 million euros to obtain the relevant assets of the French Baudouin Company. The book value of this asset was approximately 13.82 million euros. Weichai’s leaders also said that “we mainly choose companies that are related to the company’s industrial chain to invest, such as automotive parts and components.â€
This time, Weichai made a special trip to India to investigate, which is also sensitive to discover the huge potential of India's auto parts market, which will help Weichai to further expand its own industrial chain and seek greater development space in overseas markets.
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