Fast Witley: It is now the best time for rejuvenation

Li Dakai, Chairman and General Manager of Shaanxi Fast Automotive Transmission Group Co., Ltd., recently spoke with reporters about the company's response to the ongoing financial crisis. He acknowledged that the company has been impacted and is taking proactive steps to adapt. "The next year will be the most challenging one," he said. "In the past year, we've prepared ourselves in every possible way." He noted that China's reform and opening-up policies, along with its accession to the World Trade Organization, have helped Chinese products gain global recognition. However, this success also means that exports are now facing pressure from both the financial crisis and the appreciation of the yuan. "We can't avoid the impact of the crisis," Li said. "Fast is no exception. Sales in the first quarter of next year may decline." Despite these challenges, Fast performed well in the first 11 months of 2008. The company reported sales revenue of 6.441 billion yuan, a year-on-year increase of 18.4%. Production and sales of heavy-duty transmissions reached 460,370 units, up 18.91% compared to the previous year. While domestic growth remains strong, export volumes have dropped significantly—down 25% from 40 million U.S. dollars last year to 30 million this year. Li welcomed the government's policy of expanding domestic demand, calling it a positive move for the automotive sector. He expressed confidence in the state's 400 billion yuan investment in infrastructure projects such as high-speed rail, highways, and airports. "These projects require heavy trucks, and that's where our strength lies," he said. Facing the crisis, Li remained optimistic about Fast's future. "We have a solid financial position and no breaks in our capital chain," he said. Although the company hasn't considered layoffs yet, it is focusing on cost-cutting measures, such as reducing energy consumption during peak hours. "With the support of various national policies, we believe things will stabilize by the second quarter of next year. By the second half, we expect more visible results." While the full impact of the crisis on the auto industry remains uncertain, Li sees an opportunity for Fast to grow. "Products are the key," he emphasized. Next year, the company plans to invest 7% of total sales in R&D, adjust its product structure to be more market-oriented, and upgrade its production lines to improve quality. Employee training is also a priority. "I believe the financial crisis is a rare chance for Fast to reinvent itself," Li said. "Now is the best time for renewal. Our ultimate goal is to shift from a manufacturing-focused company to an R&D-driven and innovative enterprise."

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