Weichai Group adheres to the "going overseas" development strategy to gather and nurturethe brand cluster and enhance brand awareness, ultimately raising global well-known brands.
In recent days, Weichai Group's Ferretti held the global debut for the latest yacht in Italy. Since the acquisition of Ferretti, more than 8 new models would be launched each year. Four of Ferretti's brands were ranked among the world's top 10, and Weichai engine also took the advantage to go into the international high-end market.
Weichai Group Assistant General Manager Zhang Gengsheng introduced, "In a lot of global tenders, they will require the product origin tobe Europe or US. This is the resistance we are facing in foreign countries."
Cross-border mergers and acquisitions opened the door to the globalization for Weichai, and Baudouin, Ferretti, KION and other world top brands have been within the Weichai family. But soon Weichai found that although these brands joined the same family, their marketsare still relatively closed.
Weichai Power Vice President Ren Bingbing said, "For example, Baudouin operation is particularly regional, as it mainly faces the Mediterranean coast. The channels and regions are relatively narrow. Linde is mainly for forklift application, and is did not maximize the brand useby only focusing on the application of forklift."
In order to maximize brand effects, Weichai had all resources integrated. Linde hydraulic equipment, with Weichai's customer resources, is used in large-scale machinery, and Baudouin's market expands from Europe to North America. With old brands gaining new vitality, Weichai brand value gradually increased. At the past 2017 Chinese Trademark Awards, Weichai Power ranked first to win the "China Trademark Awards - Trademark Innovation Award". The trademark brand value reaches 22.5 billion yuan.
Weichai Power executive CEO Zhang Quan said, "Weichai has already transformed from a national brand to an international brand. For the next step in the development process, we are going to continue enhancing brand capacity, so that the brand influence establishment becomes a new force forWeichai's development. "