SINGAPORE, March 2 /PRNewswire-Asia-FirstCall/ -- China Yuchai
International Limited (NYSE: CYD) (''China Yuchai'' or the ''Company'') whose
subsidiary, Guangxi Yuchai Machinery Company Limited ("GYMCL"), is a leading
manufacturer and distributor of diesel engines in China, today announced total
sales of approximately 372,000 diesel engine units for the year ended December
31, 2008. These sales represent the second highest unit sales in GYMCL's
history and has resulted in GYMCL retaining its No. 1 ranking in diesel engine
unit sales by the China Association of Automobile Manufacturers.
The diesel engine unit sales for 2008 reflect strong demand before the
adoption of stricter National III engine emission standards on July 1, 2008.
The Chinese government recently announced a stimulus package to boost the
Chinese automotive industry as well as focus on rural market development and
the nation-wide infrastructure build-out including railway and highway
construction. According to recent data from the Chinese government, January
2009 was a landmark month for the Chinese auto industry as China surpassed the
United States to become the world's largest consumer of automotive vehicles.
The farming equipment market in China also experienced strong growth as the
government accelerated rural subsidies and increased budgets of provincial
authorities to help improve agriculture production. As part of the automotive
stimulus package, a one-time subsidy totaling RMB5 billion (US$732 million)
will be provided to farmers for the replacement of their current,
high-emission vehicles with more fuel-efficient and environmentally friendly
models.
About China Yuchai International
China Yuchai International Limited, through its subsidiary, Guangxi Yuchai
Machinery Company Limited ("GYMCL"), engages in the manufacture, assembly, and
sale of a wide array of light-duty, medium-sized and heavy-duty diesel engines
for construction equipment, trucks, buses, and cars in China. GYMCL also
produces diesel power generators, which are primarily used in the construction
and mining industries. Through its regional sales offices and authorized
customer service centers, the Company distributes its diesel engines directly
to auto OEMs and retailers and provides maintenance and retrofitting services
throughout China. Founded in 1951, GYMCL has established a reputable brand
name, strong research & development team and significant market share in China
with high-quality products and reliable after-sales support. In 2007, GYMCL
sold approximately 383,000 diesel engines and was consistently ranked No. 1 in
unit sales by China Association of Automobile Manufacturers. For more
information, please visit http://www.cyilimited.com
Safe Harbor Statement
This news release may contain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. The words
"believe," "expect," "anticipate," "project," "targets," "optimistic,"
"intend," "aim," "will" or similar expressions are intended to identify
forward-looking statements. All statements other than statements of historical
fact are statements that may be deemed forward-looking statements. These
forward-looking statements are based on current expectations or beliefs,
including, but not limited to, statements concerning the Company's operations,
financial performance and condition. The Company cautions that these
statements by their nature involve risks and uncertainties, and actual results
may differ materially depending on a variety of important factors, including
those discussed in the Company's reports filed with the Securities and
Exchange Commission from time to time. The Company specifically disclaims any
obligation to update the forward-looking information in the future.
For more information, please contact:
Kevin Theiss / Dixon Chen
Grayling
Tel: +1-646-284-9409
Email: ktheiss@hfgcg.com
dchen@hfgcg.com
SOURCE China Yuchai International Limited
