International sales surge for XCMG
By Andy Brown13 September 2023
China-based XCMG has released its interim H1 (half year) 2023 financial results, which show that overall sales revenue reached 51.28 billion yuan (US$6.98 billion) and its overseas revenue increased 33% year-on-year to reach 20.9 billion yuan (US$2.85 billion).
The results mean that overseas revenue accounted for 40.75% of the OEMs total sales, with multiple regions and products achieving rapid growth.
The company says that its revenue in West Asia, North Africa, and Central America has grown by over 200%; sales in Europe has increased by 150%, and it has seen growth of approximately 100% in Central Asia and North America.
XCMG also revealed that sales of aerial work platforms and milling machines have increased by over 300%, while sales of all-terrain cranes, truck-mounted cranes, port cranes, and skid steer loaders were up by over 100%.
The OEM has opened sales companies in Great Britain, Singapore, Saudi Arabia, United Arab Emirates, and Vietnam, with more production bases, R&D facilities, and spare parts centers under construction and planning and it looks to continue to increase its overseas sales revenue.
“In the context of complex and fast-changing market environment, the new XCMG – with new ideas, new concepts, and new mechanisms – is pushing forward the intelligent and digital transformation following the five strategies of: high-end, intelligent, green, service-oriented, and globalisation,” said Yang Dongsheng, CEO of XCMG.
The results also showed that sales of new energy products from XCMG amounted to 5.27 billion yuan (US$717.56 million), a 174.9% growth year-on-year.
The OEM added that the market share of its major products has increased 1.93% year-on-year and claimed that it now has 15 equipment products holding the highest market share in its home market of China.
“XCMG is navigating through the industry cycles with innovation and internationalization as the core focuses, it’s our goal to build a world-class enterprise with leading advantages in products, scale, services, digital and intelligent technologies to achieve strategic transformation and continuous breakthroughs,” added Yang.