BILLINGS, VIRGINIA—Chinese electric appliances maker Wuhan-based Chinese appliance manufacturer Wuhanyuan Electric Appliances (WCE) is expected to report record sales for the third quarter of 2017, its chief executive officer, Zhang Yixin, said in an interview.
Analysts estimate that WCE sold $8 billion of electric appliances in Q3 2017, the first time the company has ever sold a large-scale appliance for such a high price.
WCE has been operating in the US for more than a decade, selling to a variety of clients, including consumers and retailers, and is now one of China’s top appliance companies.
“China has always been the largest appliance market in the world, but this year’s market is the biggest in history,” Zhang said.
“It’s really exciting.”
Wuhans sales grew from $1.8 billion in Q2 2017 to $4.3 billion in the third fiscal quarter of 2018.
Wuhuan sales increased 2.6% year-over-year to $11.9 billion.
It is the largest domestic appliance company, according to market research firm iSuppli, which estimates WCE’s US sales at $1 billion, with a market cap of $23 billion.
The company’s market share in the $10 billion category is the second highest of any Chinese appliance company behind only Wuhong’s.
WUHAN’S TOP SELLERS In the second quarter, Wuhannan sold more than 1.4 million electric appliances.
The group also had a significant increase in the volume of orders for its own electric appliances at 1.2 million.
“In the second half of the year, our orders were up 10% compared to the same period last year,” Zhang told reporters at the company’s headquarters here.
Wuehnans sales increased 14.6%, while its competitors’ sales grew only 1.9%.
“The volume of WUHHAN sales is increasing year over year and we’re excited about the second-quarter results,” Zhang added.
WUEHAN SHOPS IN BOSTON, WISCONSIN The company reported $2.1 billion in revenue for the quarter, and WCE said it is now the second largest electric appliance manufacturer in the United States.
The top selling brands include Koochi, Ginkgo, Nestle, and Almond Joy.
It’s also one of the top selling consumer brands in the country, according the U.S. Census Bureau.
WCIE’s largest customers are American consumers who pay for its products through online platforms.
“We see that our electric appliance business has been expanding to include many consumers and that our overall electric appliance sales are continuing to grow,” WCE CEO Zhang said, adding that he hopes to expand to new markets.
“I’m very excited about our plans to expand and expand to other markets.”
WCE plans to open additional factories in Massachusetts and Wisconsin to make more products for American consumers, according Zhang.
The Chinese company’s growth is helping to create a major supply chain for electric appliances that is key to the global industry.
Zhang said WCE will sell the electric appliances for US$2 to $3 per square foot and that it plans to sell the appliances in a variety other countries, including Mexico, Australia, Japan, and South Korea.
“The demand is very high for these appliances,” Zhang explained.
“They’re also extremely expensive and hard to sell.”
The electric appliance market has been growing rapidly in the past two decades.
Chinese demand for appliances is increasing at a faster rate than its supply, as the nation has embarked on a rapid economic recovery and is expanding its social security system to help make up for lost industrial jobs.
China has been rapidly growing its economy, and the government is trying to boost domestic demand for the Chinese market.
“There is a lot of demand for electric products in China,” Zhang noted.
“If we want to achieve the market size we need, we have to have the right product.”
WUHLIN’S REVENUES ARE EXPECTED TO HIGHLIGHT IN Q3 2018 “It’s been a very good quarter,” said Wuhhan’s Zhang.
“This is one of our best quarters ever, and we are really excited about what is to come in the next year.”
Wuehlins revenue grew 2.9% year over years to $1,732 million, while its rivals’ revenue rose 1.6%.
Wuehlens sales increased 5.1%, while Zhang’s said the company will have to work harder to meet the government’s spending requirements.
WGUI’S PRODUCTS ARE STILL HIDDEN IN THE HISTORY BOOKS WGUIC is a specialty brand for Chinese consumers.
It sells household products and other household appliances to a