Hong Leong Asia expects diversifying engine product mix to improve margins
INDUSTRIAL conglomerate Hong Leong Asia : H22 0% will better position itself for growth by looking beyond trucking and catering to other engine sectors, chief executive Stephen Ho said in an analyst briefing on Thursday (Feb 29).
The strategic shift comes amid weaker demand in China for its powertrain solutions unit, China Yuchai International. The subsidiary primarily sells engines in the Chinese market.
Pre-Covid, the Chinese market used to move an average of 1.3 million heavy-duty trucks a year. This fell to 700,000 units in 2022, and 900,000 units last year.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Keppel Infrastructure Trust posts 29.1% lower Q1 distributable income
Elite Commercial Reit’s Q1 DPU down 21.2% to £0.0067
Airbus called for compensation to take on money-losing Spirit operations: sources
Olam outbids Dreyfus’ sweetened deal for Australia’s Namoi, raises offer to A$0.66 per share
Booking says room reservations to slow amid Middle-East conflict
Deutsche Bank unveils wealth targets after hiring push in Asia