On the afternoon of March 30, 2006, a significant signing ceremony took place at the Yulin Hotel Ace Hall, located within the Yulin Economic Development Zone. The event marked the collaboration between Yuchai Group and Chongqing Bonnet Industrial Group Co., Ltd., with the participation of key officials from both companies as well as local government leaders. The ceremony was hosted by Deputy Mayor Huang Mingfu, while Deputy Secretary Liu Shengfu delivered a speech addressing the importance of the partnership. Representatives from various municipal departments, the Yulin Economic Development Zone, and senior executives from both Yuchai and Chongqing Bonnet were in attendance.
The newly established Guangxi Yuchai Bonnet Electric Co., Ltd. is a joint venture specializing in the production of automotive generators and related electrical components. With a total investment of RMB 120 million, the project is set to be based in the Yulin Economic Development Zone. Its primary products will support Yuchai's range of diesel engines, but once operational, it will also supply other automobile and engine manufacturers, as well as the wholesale market. Upon full operation, the facility is expected to produce 800,000 units annually, generating an estimated sales revenue of 800 million yuan and contributing 96 million yuan in profits and taxes. This project is expected to bring new momentum to the development of the Yulin Machinery Industrial Cluster.
During the event, Lu Hua, Secretary of the Work Committee of the Yulin Economic Development Zone, Liu Shiquan, Chairman of Chongqing Bonnet Industrial Group, and Liu Shengfu, Deputy Secretary of the Yulin Municipal Committee, all gave speeches. Yu Ping, Chairman of Yuchai Group, emphasized that this collaboration represents a major step in Yuchai’s strategy to integrate industrial capital and expand its supporting industrial chain, aiming for a total value of RMB 25 billion during the 11th Five-Year Plan period. He highlighted that the cooperation with Chongqing Bonnet is a clear signal of Yuchai’s commitment to strengthening and expanding its business. Over the next two years, Yuchai plans to complete the restructuring of its entire industry chain, with the goal of achieving more than 100 billion yuan in sales.
At the ceremony, Yu Ping of Yuchai Group and Liu Shiquan of Chongqing Bonnet signed the project cooperation agreement. Additionally, Chen Shangqiang, Chairman of the Yuchai Economic Development Zone Management Committee, and Chen Qiuping, Chairman of Yuchai Bonnet Electric Co., Ltd., also signed the relevant documents.
This milestone reflects the growing strength of Yuchai Group, which had previously been honored with the "China Brand Annual Award NO.1" (Internal Combustion Engine) in 2007, further solidifying its position as a leading player in the Chinese automotive industry.
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