Weichai Power: the group, its brands and who controls it
Facts checked
- State-owned (provincial)
- SZSE 000338
- HKEX 2338
Weichai Power is an engine and powertrain maker rather than a vehicle brand, and it is the reason several Chinese truck names are connected to each other. Incorporated in 2002 out of the 1946 Weifang Diesel Engine Factory, it listed in Hong Kong in 2004 and Shenzhen in 2007.
Its controlling shareholder is Shandong Heavy Industry Group, which holds shares through Weichai Holding Group and is itself owned by the Shandong provincial state. The same parent controls Sinotruk's parent CNHTC and Zhongtong Bus, which is why Weichai, Sinotruk and Zhongtong are often described as one camp; they are sister companies rather than parent and subsidiary.
Weichai's own holdings include 51% of Shaanxi Heavy Duty Automobile, the maker of Shacman trucks, taken through the 2005 acquisition of the Torch Automobile group, plus the transmission maker Fast, the axle maker Hande, France's Baudouin, Italy's Ferretti yachts and a large stake in the German forklift group KION with its Dematic logistics arm. Group revenue was RMB231.8 billion in 2025.
Key facts
| Chinese name | 潍柴动力 “way-CHIGH DONG-lee” 潍 from 潍坊 Weifang, the company's home city, + 柴 from 柴油机 'diesel engine'; 动力 is 'power' |
|---|---|
| Legal name | Weichai Power Co., Ltd. |
| Ownership | State-owned (provincial) |
| Founded | 2002 |
| Headquarters | Weifang, Shandong, China |
| Vehicles | Components and Commercial vehicles |
| Listings | SZSE 000338 and HKEX 2338 |
| 2025 revenue | RMB231.8 billion |
| 2024 revenue and net profit | RMB215.69 billion revenue, RMB11.4 billion net profit |
| Stake in Shacman's truck maker | 51% of Shaanxi Heavy Duty Automobile Co., Ltd. |
| Controlling shareholder | Shandong Heavy Industry Group, through Weichai Holding Group, which holds 16.83% |
| Main brands and businesses | Weichai engines, Shacman trucks, Fast transmissions, Hande axles, Weichai Lovol agricultural machinery, KION, Dematic, Baudouin, PSI and Ballard |
| KION holding | Bought 25% of KION Group for EUR738 million in 2012, later raised to 38.25% |
Ownership tree
- Weichai Power (group)
Who controls Weichai Power?
Shandong Provincial SASAC controls Shandong Heavy Industry Group.
Shandong Heavy Industry Group is a provincial state enterprise supervised by the Shandong state-asset commission. We did not find a published percentage.
Shandong Heavy Industry Group owns Weichai Power at 16.83%.
Held through Weichai Holding Group, which is listed as holding 16.83% of Weichai Power. Shandong Heavy Industry is Weichai Power's controlling shareholder despite the modest percentage, because the rest is widely held across two exchanges.
Stakes and ventures Weichai Power holds
These are holdings that are not outright ownership, so they are not in the tree above. A joint venture is a third company the two parents built together: the percentage is a share of that venture, never a holding in the partner.
| Holding | What it is | Share | Since | What the source says |
|---|---|---|---|---|
| Shacman (Shaanxi Automobile Group) | holds a stake in | 51% | 2005 | Weichai Power holds 51% of Shaanxi Heavy Duty Automobile Co., Ltd., the company that builds Shacman trucks, acquired through its 2005 takeover of the Torch Automobile group. The holding company above it, Shaanxi Automobile Holding Group, remains Shaanxi provincial state property, and the two sides disputed control of the truck maker publicly in 2009. |
Brands
| Brand | Held | Origin | Founded | Models | Markets |
|---|---|---|---|---|---|
| 陕汽Shacman | via Shacman (Shaanxi Automobile Group) | China | 1968 | 0 | 5 |
Weichai Power: questions people ask
- Does Weichai own Sinotruk?
- Not directly. Both Weichai Power and Sinotruk's parent CNHTC are controlled by Shandong Heavy Industry Group, so they are sister companies under one provincial state parent. We found no direct Weichai Power shareholding in Sinotruk.
- Does Weichai own Shacman?
- It owns 51% of Shaanxi Heavy Duty Automobile, the company that builds Shacman trucks. The holding group above it remains a Shaanxi provincial state enterprise.
- Is Weichai state-owned?
- Yes in effect. Its controlling shareholder, Shandong Heavy Industry Group, belongs to the Shandong provincial state, although Weichai Power itself is listed in both Shenzhen and Hong Kong.
- What does Weichai make?
- Diesel and gas engines, transmissions and axles for trucks, buses, construction and agricultural machinery, plus forklifts and logistics equipment through KION and Dematic, and marine engines through Baudouin.
Related
Sources for Weichai Power
- China Daily (Shandong), Weichai Power posts 231.8b yuan revenue in 2025. Read .
- Weichai Power Co., Ltd., Company Profile. Read . Founding year, 2024 financials, brand and subsidiary list.
- Wikipedia, Weichai Power. Read . Listing dates, KION acquisition, Baudouin.
- Wikipedia, Weichai Power (zh). Read . 51% of Shaanxi Heavy Duty Automobile; Weichai Holding Group's 16.83%.