Xuzhou XCMG Automobile Manufacturing

The story of XCMG begins in 1943 with one of its predecessors, the Huaxing Iron Factory. This state-run enterprise laid the groundwork for what would become a major force in the construction machinery industry. A key moment arrived in 1989 when three factories and one research institute in Xuzhou merged to officially form the Xuzhou Construction Machinery Group, or XCMG. This consolidation created the first group company in China's construction industry. The new entity quickly focused on technological advancement and expanding its product lines. In 1996, a major turning point occurred when the group's subsidiary, XCMG Construction Machinery Co. Ltd., was listed on the Shenzhen Stock Exchange. This move provided capital for growth and marked a new chapter of development. The following years saw XCMG establish joint ventures with international giants like Caterpillar and Liebherr, absorbing advanced manufacturing techniques. More recently, the company underwent a significant mixed-ownership restructuring in 2020. This reform brought in new strategic investors and aimed to improve efficiency by blending private-sector management with its state-owned foundation. In 2022, XCMG completed a major acquisition of its parent company's assets, including its excavator and mining machinery businesses, further consolidating its operations under the publicly listed company in what was described as the largest merger and acquisition in China's equipment manufacturing industry.