Sany's Growth Strategy in the Green Construction Equipment Market
Key Ideas
- Sany reported significant revenue from electric and hydrogen-powered machines in 2023, with electric products generating CNY 3.1 billion and hydrogen products CNY 130 million.
- Electric products accounted for 4.3% of Sany's total sales, while hydrogen products made up less than 0.2%, indicating the early stage of hydrogen technology adoption.
- The company launched innovative new energy products, including the world's first fully electric rotary drilling rig and a hydrogen energy mixing truck, showing a commitment to green and sustainable development.
- Sany aims to strengthen R&D capabilities to drive industry transformation and contribute to carbon peaking and neutrality goals through a green production chain.
Chinese construction equipment manufacturer Sany disclosed its revenue from electric and hydrogen-powered machines in 2023. The company reported that electric products generated CNY 3.1 billion while sales from hydrogen energy products amounted to CNY 130 million. Despite being the sixth largest construction equipment manufacturer globally with a total revenue of US$10.2 billion in 2023, electric products represented 4.3% of its sales, while hydrogen products constituted less than 0.2%. Sany introduced over 130 new energy products during the year, such as the fully electric rotary drilling rig and a hydrogen energy mixing truck. The company also obtained 275 low-carbon patents and launched integrated electric drive bridges for various machines. Although specific regional sales data was not provided, most new energy machines were likely sold in China due to its advanced electric market. Sany experienced a 47% increase in sales of electric mixer trucks in 2023 and strong demand for electric cranes. The company's rotating chairman emphasized a commitment to green and sustainable development, focusing on reducing carbon emissions and building a green production chain. Sany aims to accelerate industry transformation and contribute to carbon peaking and neutrality goals through innovation and product advancement.