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During this year’s NPC and CPPCC sessions, the government came up with “Made in China 2025”Initiative, which is aimed at transforming the nation from a huge manufacturing base to a strong manufacturing center in the world. As a representative of Chinese bus makers, Yutong recently successfully secured a deal worth 361 million USD, fully demonstrating its rising competitive strengths in the overseas markets.
On Apr. 2, Yutong officially signed a sales agreement for providing 2,300 units of buses in knocked down (KD) style to Fontur Corporation, which is attached to the Ministry of Land Transportation of the Bolivarian Republic of Venezuela. With a total value of 361 million USD (excluding value added tax), the first batch of 800 units of Yutong buses are expected to arrive in Venezuela this year and the rest 1,500 units will be delivered in 2016.
Since its entry in the South American nation, Yutong has witnessed steady growth in Venezuela in recent years.
In July, 2014, Yutong, together with the Ministry of Industry and the Ministry of Land Transportation of Venezuela signed a framework agreement for jointly building bus manufacturing factories in the country. The move is a new milestone for the bus maker, signaling its upgrading from an exporter of products to an exporter of technologies. With its state-of-art bus manufacturing technologies, Yutong has not only gained new opportunities to reach a wider market in Venezuela, but also it has obtained higher visibility in its neighboring countries in Latin America.
Currently, Yutong boasts a formidable presence in the large and medium bus markets in a number of nations in Latin America. Take Cuba and Venezuela for example, it has grown into one of the major bus suppliers in the local markets. According to sources, over 90% of the newly replaced buses in recent two years are branded with Yutong, indicating the predominant position of the bus brand.
Apart from its growing presence in Latin America, Yutong has also successfully made its way into over 120 countries and region in the Middle East, CIS, Asia-Pacific Region, Africa, the east and west Europe as well as USA. In 2014, the company maintained its leading position as China’s largest bus exporter with its total export value reaching 730 million USD, which accounts for one third of China’s total bus export revenue.