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The cost of batteries for electric equipment still accounts for as high as 40%, and the shortage of raw materials such as lithium and cobalt may push up prices. XCMG is exploring sodium-ion battery and solid-state battery technologies and expects to increase energy density by 40% by 2030. The hydrogen energy industry chain is not yet mature. The construction cost of hydrogen refueling stations is three times that of gas stations. XCMG plans to build 100 hydrogen refueling stations in Europe by 2027 and cooperate with enterprises such as Pilot Flying J to build a network.
(II) Geopolitical and Supply Chain Risks
Geopolitical risks have prompted XCMG to establish regional supply chains. The localization rate of its intelligent manufacturing base in Badelberg, Germany, has increased to 60%, and 85% of its components have been sourced locally at its factory in Brazil. In response to the chip shortage, XCMG has turned to gallium nitride chips, improving their high-temperature resistance by 50%, and has collaborated with Huawei to develop domestic alternative solutions.
(3) Future Trends: The Synergy of Hydrogen Energy and Intelligence
XCMG plans to achieve the same total cost of ownership (TCO) of hydrogen fuel trucks as that of diesel vehicles by 2030, and promote the parallel development of hydrogen internal combustion engines (H2-ICE) and fuel cells (FCEV). In the field of intelligence, XCMG will deepen its cooperation with NetEase to develop unmanned fleet management systems for mines and ports, with the goal of commercializing L4-level autonomous driving by 2027.
