XCMG Commits To Increased Green Energy Development for Earth Day 2022

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BEIJING, April 22, 2022 /PRNewswire/ -- Keeping with the theme of 'Invest in Our Planet' as part of Earth Day 2022, XCMG (SHE:000425) is highlighting the urgency of advancing its clean energy business development, as well as the push for research and development in electric power, electric products, and hydrogen energy product upgrades as part of its green efforts.

In March, XCMG launched the Verdant Mountain Action brand, which followed the group's release of the first "dual carbon" development guideline in Chinese construction machinery at the beginning of 2022, with the aim of achieving a market penetration rate of 35% for new energy products by 2035.

The Verdant Mountain Action brand was developed as the foundation of XCMG's latest full-range energy loaders, including charging, external power, power exchange and intelligent models, and multiple LNG loaders, all of which will meet the operational requirements of various application scenarios such as steel, coal, ports and mines and allow customers to reduce emission and see high-value returns.

As one of the pioneers of energy heavy truck manufacturers in China, XCMG has landed several pilot projects of power exchange heavy trucks with top sales performance in the industry. XCMG Automotive is accelerating the development of new energy core components and related technologies to build even more core competitive advantages in the new energy sector.

XCMG's new energy heavy-duty trucks, including pure electric, hybrid power and hydrogen fuel cell products, are leading the charge. In March, 266 new energy heavy-duty trucks were registered, with a total of 882 heavy-duty trucks sold in the first quarter. XCMG is leading the industry for first-quarter sales with a market share of 18.65%, with the new energy motor tractors also ranking at the top. At present, XCMG has more than 2,000 contract orders for new energy trucks with the annual target expected to exceed 5,000.

In March, XCMG has also signed joint-venture agreements with SPIC, Enneagon Energy and Lance Shield Machinery to enter the power exchange equipment production and station construction sectors, a landmark event as XCMG invests in the supporting facilities construction of the new energy industry chain.

XCMG's recent energy strategic cooperation agreement with GCL, a leading group in wind and hydrogen energy storage and integration of source, network, load and storage, will bring leverage both companies' advantages in technology, market and resources to carry out extensive cooperation in the fields of power exchange heavy truck product R&D and construction of power exchange stations.

"The development of charging and power exchange is key for XCMG to tackle new technology strategy and expand the new industrial ecosystem, XCMG will implement a series of projects to establish a nationally influential new energy vehicle industry cluster that' driven by innovation and core competitive advantages," Wang said.

For more information, please visit XCMG.

SOURCE XCMG