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Hong Leong Asia expects diversifying engine product mix to improve margins

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Yong Jun Yuan

Yong Jun Yuan

Published Thu, Feb 29, 2024 · 05:59 PM
    • Hong Leong Asia chief executive Stephen Ho said that the economic slowdown in China has contributed to a slowdown in demand for trucks.
    • Hong Leong Asia chief executive Stephen Ho said that the economic slowdown in China has contributed to a slowdown in demand for trucks. PHOTO: REUTERS

    INDUSTRIAL conglomerate Hong Leong Asia will better position itself for growth by looking beyond trucking and catering to other engine sectors, chief executive Stephen Ho said in an analyst briefing on Thursday (Feb 29).

    The strategic shift comes amid weaker demand in China for its powertrain solutions unit, China Yuchai International. The subsidiary primarily sells engines in the Chinese market.

    Pre-Covid, the Chinese market used to move an average of 1.3 million heavy-duty trucks a year. This fell to 700,000 units in 2022, and 900,000 units last year.

    hong leong asiaFinancial results

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