XCMG to advance its internationalization strategies in 2020
Internationalization has always been a core strategy for XCMG. For years, XCMG has been exploring overseas markets through exports, plants abroad, cross-border mergers and acquisitions, global research and development, as well as building a global talent team. Over the past few years, XCMG has established a marketing network covering 183 countries and regions. In 2019, major progress was made in XCMG's journey to the global market.
XCMG’s international marketing has been connected closely with the 'Road and Belt' initiative and focusing on developing market share along the BRI route. A mature marketing network covering 65 countries in Central Asia, West Asia, North Africa, Europe, and the Asia-Pacific region has been established over the years. To provide better local products and services at a better price, XCMG has now established branches and subsidiaries in Russia, India, and Poland, as well as setting up factories in Uzbekistan, Poland, Kazakhstan, Malaysia, and Iran. In last December, another XCMG heavy truck KD factory was set up in Nigeria to enhance its exports and local cooperation in the region.
Wang Min, chairman of XCMG Group, said: "In 2020, XCMG is going to promote our internationalization strategies as the company's prior core strategy, and we are taking the strategy up to another level by integrating technology, talents, innovations, markets and management. XCMG is growing into a global enterprise."
In January 2020, more than 40 XCMG XC9 series large-tonnage loaders were exported to North America, 25 XCMG Cranes were exported to Indonesia and over hundred XCMG Excavators were exported to the Southeast Asia market.
Wang Min who visited XCMG Brazil recently stated the company plans to invest $0.3 billion in the American market in the next 5 years.
XCMG also has partnered with other industry giants to facilitate its overseas development. For example, XCMG has partnered with the world-renowned mining company Rio Tinto. This January, Jean-Sébastien Jacques, CEO of Rio Tinto visited XCMG and met with Wang Min. Together, the two companies will be dedicated to developing global intelligent mining construction.
XCMG has signed a partnership with Al Mulla Group, and made Gulf Trading Group, a subsidiary of Al Mulla Group, the sole distributor for all XCMG products and services in the State of Kuwait.
"Overseas markets and the high-end market are the keys to the future development of China's construction machinery manufacturing. A brand having competitiveness in the global high-end market will be seen as a world-class company," said Wang Min.