Yutong Bus, the world’s largest manufacturer of electric buses, is experiencing a steady climb in overseas shipments. The Zhengzhou-based company is seeing rapid demand growth in nations including Australia, Malaysia, Saudi Arabia, and Morocco. Currently, more than half of Yutong's total revenue is generated from international sales.
The company's shift toward new-energy models—which include hybrid and pure-electric vehicles—is significant. These models accounted for 25 per cent of Yutong's bus exports so far this year, a sharp increase from the 3 per cent recorded in 2018. According to the company, Yutong holds more than 10 per cent of the global market for large and medium-sized buses and coaches, including within China.
Kent Chang, Yutong’s Asia-Pacific CEO, stated that overseas public transport demand is growing fast and that international buyers are seeking more premium electric buses. He noted that the company will consider setting up production facilities and research and development centres abroad in the future. Chang added that Yutong secured a foothold in Saudi Arabia’s premium bus market following the 2022 Qatar World Cup, taking market share from rivals Mercedes-Benz and Volvo. He also reported that the company's double-decker bus has seen strong sales in the United Kingdom.
Despite having relatively higher prices than its rivals, Yutong has grown its global market share since it was founded as a bus repair factory in 1963. In Australia, the company holds the second-largest market share at 18.7 per cent, trailing only Volvo.
David Zhang, general secretary of the Shanghai-based International Intelligent Vehicle Engineering Association, provided context on the global landscape. He stated that foreign bus makers have modest output and focus largely on fossil-fuel models. Zhang noted that in many overseas markets, private car use is prevalent and public transport infrastructure lags behind China’s. He further claimed that China’s electric bus output accounts for nearly the global total, while local manufacturers in Europe, North America, and India run low-volume and build-to-order operations.
Yutong reported that the sector reached its peak in 2019 before plunging during the Covid-19 pandemic. However, overseas markets bounced back swiftly after the pandemic, leading to rapid growth in orders. The company allocates 4.4 per cent of its revenue to R&D. For export models, Yutong sources battery modules from Contemporary Amperex Technology Ltd (CATL), while its domestic buses use lithium-ion cells from CATL and battery modules from its subsidiary, Zhengzhou Slanpower Technology.
In the first nine months of this year, Yutong sold 30,929 buses, including 7,895 electric models, according to its third-quarter earnings report. For the quarter, the Shanghai-listed company posted sales of 9.1 billion yuan (US$1.37 billion), a year-on-year decrease of 11.13 per cent, while net profit fell 3 per cent to 1.32 billion yuan.
In June, the China Association of Automobile Manufacturers reported that China’s monthly car exports topped 1 million units for the first time, with shipments of electric and hybrid vehicles outpacing fossil fuel cars.
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