XCMG Confirms Purchasing Orders Totaling USD 80.8 Million at CIIE 2020
SHANGHAI, Nov. 10, 2020 /PRNewswire/ --XCMG (000425.SZ), a leading Chinese construction machinery manufacturer, has reached purchasing orders totaling USD 80.8 million at the 3rd China International Import Expo (CIIE) which opened on November 4 in Shanghai, China.
SHANGHAI, Nov. 10, 2020 /PRNewswire/ -- XCMG (000425.SZ), a leading Chinese construction machinery manufacturer, has reached purchasing orders totaling USD 80.8 million at the 3rd China International Import Expo (CIIE) which opened on November 4 in Shanghai, China.
Upon discussions with overseas suppliers, XCMG has signed purchasing orders for chassis, hydraulic parts and tires with top international suppliers including Daimler, Linde, Volvo Trucks and Michelin, in spite of the fast-changing and volatile global trade situation amid the continued spread of COVID-19 overseas.
The annual CIIE is a platform for XCMG to establish and strengthen strategic partnerships with top equipment manufacturing companies and research institutions. XCMG imports high-end core components from 20 countries and regions including Japan, U.S., South Korea and European countries.
At the previous two CIIE exhibitions, XCMG's purchasing orders reached a total of USD 118 million, including two purchasing contracts with General Motors America worth USD 13 million and 22 million in 2018 and 2019 respectively. As of now, both orders have been overfulfilled and the electric drive system XCMG purchased from the company has improved the availability ratio of XCMG equipment products by 10 percent while extending the products' life span by 30 percent.
XCMG is also seeing an increased demand for large scale mining construction equipment sets as its mining business sector is gaining wide recognition in the global market for comprehensive mining construction solutions and high-quality equipment - XCMG's global purchasing strategy is supporting the companies to achieve greater success.
"CIIE is conductive to promoting and strengthening the trade and economic exchanges around the world. It has created a platform for open communication that aids domestic and foreign enterprises expand their business scope and horizons. XCMG will continue to promote high-quality development of our industrial sectors by introducing cutting-edge parts and system equipment, and ceaseless innovation to win the trust of more international customers," said Lu Chuan, president of XCMG.
About XCMG
XCMG is a multinational heavy machinery manufacturing company with a history of 77 years. It currently ranks fourth in the world's construction machinery industry. The company exports to more than 187 countries and regions around the world.
For more information, please visit: www.xcmg.com, or XCMG pages on Facebook, Twitter, YouTube, LinkedIn and Instagram.
