Fast plans to invest 300 million yuan in technological transformation this year and another 300 million yuan in R&D
"Li Dakai, a member of the National People’s Congress and chairman and general manager of Shaanxi Fast Automotive Transmission Group Co., Ltd., expressed deep insights into the company's strategy. He emphasized that relying only on national investment is a passive approach. As an industrial enterprise, the company should take a more proactive stance by enhancing its independent innovation capabilities and continuously introducing new products. It's not enough to just offer low-cost solutions; the company must bring in advanced features and actively shape the market, thereby strengthening its competitiveness and resilience against risks."
As China's largest manufacturer of heavy-duty automotive transmissions, Shaanxi Fast Group has faced significant challenges due to the global financial crisis. However, instead of being overwhelmed, the company turned these difficulties into opportunities. By adapting quickly and focusing on strategic development, it managed to regain control and set a solid foundation for long-term growth.
"In the fourth quarter of last year, the truck manufacturing industry reached a turning point," Li explained. "The first half of the year was still very strong, but after October, the impact of the financial crisis hit hard. Domestic logistics dropped sharply, and our orders fell dramatically. Sales in the fourth quarter were only 20% to 30% of what they were in the first half, which had a huge impact on our operations."
He noted that the central government's timely 4 trillion yuan investment plan was highly effective. In particular, the release of 1.62 trillion yuan in new loans this year had a clear positive effect on businesses.
"In January, we produced and sold 10,000 units. In February, we completed 30,000 transmissions. By March, we received over 60,000 orders, which brought us back to the production levels seen in the first half of last year. This rapid recovery was driven by two main factors: the national 4 trillion yuan investment plan and the launch of new products that opened up new markets."
"Of the more than 60,000 orders in March, over 10,000 were for our newly introduced fuel-saving multi-gear transmission for mid-tonnage trucks. Although this wasn't our core strength initially, with rising fuel prices in recent years, we focused on energy-efficient technologies and launched the product at the right time, capturing a large market share."
This year, the company plans to invest 600 million yuan, with 300 million allocated to technological upgrades and another 300 million for research and development. They have already placed large orders for advanced equipment from Germany, ensuring continued growth and maintaining their position in both domestic and international markets.
One of Li Dakai’s key suggestions is for the government to further support domestic leading equipment manufacturers. He believes this will help these companies enhance R&D, foster innovation, improve training, and modernize their facilities. "By investing in these areas, we can secure a stronger future and maintain our competitive edge in the global market."
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