The company's long-term business plan and commitment to China is unchanged, Richards told the China Development Forum.
The completed results showed former South Bend, Indiana, mayor Pete Buttigieg and Senator Bernie Sanders of Vermont separated by about a 10th of a percentage point in the total of "state delegate equivalents" — the measure state and national officials use to declare the winner and award delegates to the nominating convention to be held July 13-16 in Milwaukee, Wisconsin.
The company is also providing comprehensive solutions such as car financing and building its own sales networks to prevent an overreliance on local partners. While consolidating its position in Africa and Southeast Asia, Sinotruk is making forays into developed countries, including Ireland, Australia and New Zealand.
The company's enviable, coveted growth, in defiance of lackluster sentiment in the local economy, is due, in no small part, to a business expansion strategy it began two years ago, in which the company joined hands with its clients in expanding beyond its comfort zone to the Guangdong-Hong Kong-Macao Greater Bay Area — the nation's mega 11-city development initiative — as well as the Asia Pacific region.
The company, operating in 149 countries and regions, officially kicked off its "Patient In" strategy in January this year, to first operate in 12 countries and regions, including China.
The company's transition is testimony to Chinese businesses' ascent up the global value chain and the nation's economic restructuring.
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The company's fiscal results showed its accounts receivable and long-term receivables reached 10.8 billion yuan, accounting for 66.9 percent of its total assets.
The company is reviewing its shareholding structures in China, also its largest market, as the country will play a different role as the global automotive industry is shifting to electrification and connectivity, said CEO Herbert Diess last week in Wolfsburg, Germany.
The company received over 3,800 purchase demands in various goods categories from 102 local governments across China, with total volume reaching 220 million pieces or sets.
The company said the medicine has benefited 23 million people with venous inflammation in many countries over the past 50 years.