Leading heavy-duty truck maker, Sinotruk launched a multiple-brand strategy to diversify its product portfolio recently, a bid to gain a greater share of the global commercial vehicle market.

“Developing multiple brands is crucial to promote our competitiveness in different market segments,” Ma Chunji, chairman of the Shandong-based company, said at the company’s 2014 Business and Trade Conference held from Dec 17 to 18.

“Flexible use of multiple brands enables us to target various market needs, providing consumers with products of diverse features and prices,” he added.

According to Ma, the company is expected to sell 200,000 vehicles next year, including 140,000 heavy-duty trucks.

Sinotruk which previously concentrated on heavy-duty truck manufacturing is now committed to developing a full range of commercial vehicles. Its product lineup now includes heavy, middle, light-duty trucks, passenger cars, special purpose vehicles, as well as engineering machineries. These products would be categorized into four brands—Sitrak, Howo, Steyr or Hohan—under the Sinotruk’s umbrella, focusing on different areas and different users, said Ma.

The Sitrak and Howo series are designed for the high-end market segments, the Steyr for the middle-tier market, and the Hohan targeting those price-sensitive consumers.

According to a statement from the company, the first 11 months saw its pre-tax profits soar to 1.9 billion yuan ($312.93 million), an increase of 26 percent over the same period of last year.

A total of 151,000 vehicles have been sold by the end of November, up by 20 percent year-on-year. Its sales revenue amounted to 56 billion yuan and is expected to reach 60 billion by the year’s end.

It has exported more than 26,000 heavy trucks during the first 11 months, making it the largest exporter of the vehicles in the country for nine years in a row.

By Wang Qian

Ma Chunji, chairman of CNHTC gives a speech in 2014 Bussiness Conference.[Photo Wang Qian]

Leaders of of CNHTC jointly launche the multiple-brand strategy.[Photo Wang Qian]

CNHTC's product portfolio displayed in 2014 Bussiness Conference attract attention of dealers across the country. [Photo Wang Qian]

Cilents visit heavy-duty trucks displayed by CNHTC.[Photo Wang Qian]