China National Heavy Duty Truck Group Corp (CNHTC), one of China's largest truck manufacturers also known as SinoTruck, is expanding aggressively overseas as it looks to build on its strong domestic market position.
The Jinin-based company, in China's Shandong province, has set an ambitious overseas sales target of 50% of total sales by 2020, as it eyes growing markets across Asia, the Middle East and Africa.
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The company, which also sells its trucks under the Howo brand, said around 11% of its 305,000 global sales last year were generated overseas – 33,700 units. It said it had received 19,356 overseas orders for its trucks in the first quarter of 2018 – up 19% year-on-year.
The company pointed to particularly strong growth in Africa and in Belt and Road Initiative markets for the sharp jump in demand. This has put its 40,000 overseas sales target for this year within easy reach, Sino Truck International president Yang Zhengxu said in a statement.
The company said it had sales offices in 70 countries worldwide, servicing 110 countries and regions. It also has 15 overseas assembly plants which it said helps it better serve local market requirements.
