Yutong's Expansion in Europe: A Focus on Electric Bus Market Growth
Key Ideas
- Yutong's performance in 2023 demonstrated significant global and European market presence, with a focus on electric buses and a goal to register over 50 BEV buses in Italy in 2024 and 2025.
- The company aims for sustained operations in Europe, focusing on customer recognition, positive reputation, and promoting ZE transition through R&D investment and technical cooperation.
- Yutong plans to introduce new pure electric models, enhance spare parts storage and after-sale service, and consider establishing manufacturing facilities in Europe based on factors like customer service and cost advantages.
- Despite having successful hydrogen fuel cell products in China, Yutong is betting heavily on electric buses in Europe due to economic factors, including the high costs associated with hydrogen fuel transportation, storage, and the vehicles themselves.
Yutong, a leading player in the electric bus market, showcased impressive performance in 2023, registering over 36,000 units worldwide and more than 700 units in Europe, with a particular focus on electric buses and coaches. At the Next Mobility Exhibition in Milan, William Ding, Yutong's Western Europe managing director, highlighted the company's figures in Europe and its ambitions for the Italian market. Yutong aims to register over 50 BEV buses in Italy in 2024 and 2025, emphasizing long-term operations in Europe to become a preferred brand for customers.
Yutong invests significantly in R&D, with 7% of annual revenue allocated to this area and over 1,500 patents in new energy technologies. The company is open to collaborating with local new energy companies to promote the European zero-emission transition. Additionally, plans to introduce new pure electric models, invest in spare parts storage, and enhance after-sale service reflect Yutong's commitment to customer satisfaction.
While Yutong has successful hydrogen fuel cell products in China, it opts to focus on electric buses in Europe due to economic reasons. The high costs associated with hydrogen fuel, including transportation, storage, and vehicle prices, deter the company from heavily investing in hydrogen technology in the European market. Yutong's strategic approach includes considering factors like customer service convenience and cost advantages when evaluating the potential establishment of manufacturing facilities in Europe.
Topics
Public Transit
Manufacturing Facilities
Market Growth
Product Launch
Electric Buses
New Energy Technologies
Customer Service
European Expansion
R&D Investment
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