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Weichai Completed its Strategic Restructuring of Lovol Heavy Industry

Date:2021-01-07 Source:www.chinaspv.com

On January 6, Weichai held a press conference in Jinan, announcing its completion of the strategic restructuring of Lovol Heavy Industry Co., Ltd. (hereafter referred to as Lovol Heavy Industry). Approved by Shandong Provincial State-owned Assets Supervision & Administration Commission, Weichai holds 60% of Lovol’s shares and thus becomes the company’s controlling shareholder.

After completing the restructuring, Weichai will give full supports to Lovol’s development in the field of powertrain solutions on the back of its strengths in engines used for various circumstances, CVT, hydraulic power solutions, etc.

Weichai also revealed that it would work closely with Lovol to develop and promote intelligent agricultural equipment by taking full advantage of its advanced technologies in electric control, new energy vehicle and autonomous driving vehicle sectors.

The strategic restructuring of Lovol has ushered in a brand new era for Weichai, marking a huge step forward in China’s agricultural equipment industry.

According to Tan Xuguang, president of Weichai, the company aims to increase its annual sales revenue to 50 billion RMB in 2025 and help Lovol grow into one of the world’s leading players in the high-end agricultural machinery industry.

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