Leading Chinese commercial vehicle manufacturer China National Heavy Duty Truck Group, or Sinotruk, is seeing its market performance hit record highs this year, according to remarks made at its annual business conference.

Sharp growth in the domestic truck market is being driven by robust development of China's logistics industry and increasing infrastructure projects all over the country, Sinotruk Chairman Wang Bozhi told the conference on Dec 17.

"Against this background, Sinotruk has been promoting innovation and improving its product quality and service capacity," he said.

The group is seen achieving sales of 300,000 vehicles this year, up 47 percent on last year, with revenue estimated at 90 billion yuan ($13.7 billion), up 30 percent year-on-year.

This year, its tractors unit experienced the highest growth rate in the industry. Sinotruk's engineering vehicles unit maintained its leading position, with sales increasing 172 percent on the previous year. The natural gas heavy duty truck sector grew seven-fold, the company added.

Trucks equipped with engine technology from MAN, Sinotruk's German strategic partner of since 2009, increased sales by 97 percent this year, and accounted for 43 percent of the company's total domestic sales.

The company aims to sell 330,000 vehicles next year, taking group revenue to more than 100 billion yuan.

Wang said Sinotruk launched its internationalization strategy in 2004, and has sold its products to more than 100 countries and regions around the world. It has built eight assembly plants abroad, including Russia, Malaysia and Nigeria.

One of the latest overseas manufacturing projects is in Addis Ababa, capital of Ethiopia, in partnership with local company N.A Metal Industry& Engineering.

Starting operations on Nov 25, the factory is Sinotruk's second assembly line in Ethiopia and is expected to have a production capacity of 600 vehicles a year.

A Sinotruk factory in Paraguay opened in September, helping the company to secure a more than 80 percent share of that country's heavy duty trucks market.

Thanks to the Belt and Road Initiative, Sinotruk exported 32,000 vehicles in the first 11 months of this year, increasing 34 percent year-on-year, accounting for half the total number of China's exported heavy duty trucks.

Wang said the company is entering global high-end markets, and will conduct international cooperation in areas including new energy and intelligent vehicles.

According to Sinotruk's overseas development plan, its annual sales of medium and heavy duty trucks in overseas markets will top 60,000 vehicles by 2020, accounting for 35 percent of the company's total sales. At the same time, the overseas business will generate 20 billion yuan a year in revenue.