Benzinga | Oct 20, 2021 06:32AM EDT

China Yuchai Forms Joint Venture In Beijing To Develop Fuel Cell Powertrain Systems

China Yuchai International Limited (NYSE:CYD) ("China Yuchai" or the "Company") a leading manufacturer and distributor of engines for on- and off-road applications in China through its main operating subsidiary, Guangxi Yuchai Machinery Company Limited ("GYMCL"), announced today that its subsidiary Yuchai Xin-Lan New Energy Power Technology Co., Ltd. (Yuchai Xin-Lan") has entered into a cooperation agreement to further develop hydrogen energy applications with fuel cell powertrain systems in the Beijing, Tianjin and Hebei markets.

Pursuant to the agreement, Beijing Xing Shun Da Bus Co., Ltd. ("Beijing Xing Shun Da") and Yuchai Xin-Lan will form a joint venture in the Daxing District of Beijing to research and develop and manufacture fuel cell powertrain systems for on- and off-road applications. The joint venture partners will also combine their resources and capabilities to advance the development of core fuel cell power system components.

Mr. Weng Ming Hoh, President of China Yuchai, commented, "This new hydrogen energy project with Beijing Xing Shun Da further demonstrates our commitment to providing new energy solutions at a time when energy demand is increasing, and climate conditions call for more sustainable solutions."