Dealers and major customers from 55 countries and regions attend the Sinotruk Global Strategic Partnership Conference held in Jinan on Aug 28. [Photo provided to chinadaily.com.cn]

China National Heavy Duty Truck Group (Sinotruk), a leading Chinese truck company based in Jinan, Shandong province, has achieved fruitful results in its international business over the past five years, having exported 300,000 heavy trucks – they make up about half of the total exports of such vehicles from China – during this period.

During the Sinotruk Global Strategic Partnership Conference on Aug 28, the company announced that the proportion of high-end products in its exports had increased from 2.7 percent in 2018 to the current 32 percent, while the proportion of export revenues has also increased from 15.4 percent in 2018 to the present 51.2 percent.

Over the past years, Sinotruk has focused its efforts on improving product quality, enhancing its service network and strengthening its customer-oriented policies.

In 2022, Sinotruk withstood the sharp decline in the industry cycle and severe challenges in domestic and international markets and became the company with the highest sales volume, the least market decline, and the best operating performance in the industry. The company also achieved "double firsts" in terms of sales volume and market share among domestic industry peers.

Over the past five years, Sinotruk actively took advantage of the Belt and Road Initiative and quickly integrated itself into the dual-cycle development pattern to achieve balanced development in both domestic and international markets.

The company has constantly expanded its overseas market, as evidenced by its heavy truck exports increasing from 30,000 vehicles in 2020 to 89,000 vehicles in 2022.

In October 2022, Sinotruk's monthly export of heavy trucks surpassed 10,000 vehicles, setting a new record in terms of monthly exports of heavy trucks in China.

Tan Xuguang, chairman of Sinotruk, said that his company has become the most renowned Chinese commercial vehicle brand in overseas markets and a pioneer in China in terms of commercial vehicle exports to high-end overseas market segments.

The rapid growth in Sinotruk's overseas exports is largely due to the company's restructuring and reform. Thanks to strengthened international collaboration, its self-owned brands such as Sitrak and Howo TH7 have been exported.

To support its fast growth, Sinotruk has continued to increase its R&D investment. Its R&D investment ratio had increased from 2 percent in 2018 to 4.3 percent in 2022. Over the past five years, the company has invested a staggering 12.6 billion yuan ($1.73 billion) - more than the investments over the previous 15 years combined - into R&D.

The number of R&D personnel had also increased from 1,102 in 2018 to the current 3,936.

Dealers and major customers from 55 countries and regions attend the Sinotruk Global Strategic Partnership Conference held in Jinan on Aug 28. [Photo provided to chinadaily.com.cn]

Dealers and major customers from 55 countries and regions attend the Sinotruk Global Strategic Partnership Conference held in Jinan on Aug 28. [Photo provided to chinadaily.com.cn]