The predecessor of XCMG is considered to be the Chinese Huaxing Iron Factory, founded back in 1943. Before the company was officially registered in 1989, dozens of models of tower and crawler cranes rolled off the local assembly line, becoming the first construction equipment mass-produced in China. During the first 10 years of its existence, the company managed to become a leader in its industry in China, after which it began to develop foreign markets.
In 2000, XCMG switched to a new management model, optimizing structural divisions and carrying out a number of reforms in the field of personnel qualification training. In the same year, the company released the third-generation front loader model ZL50G, which became a sales hit both in China and abroad. Two years later, the company launched serial production of QAY25 truck cranes, the increased cross-country ability of which ensured market success for special equipment.
In 2003, the company's sales revenue exceeded 10 billion yuan. In 2006, XCMG invested in a new design base in Chongqing. Three years later, the company listed its shares on the stock exchange, which allowed it to attract considerable capital for further development of the enterprise. In 2011, the high-performance walking excavator ET110 was released under the XCMG brand, which was highly appreciated by representatives of the mining industry around the world. At the same time, the company diversified its production activities, distributing its efforts into 5 key areas.
In 2012, XCMG released the XCA5000 all-terrain truck crane and the world's largest quarry dump truck DE400. Along the way, the company acquired the German engineering company Schwing, expanding its presence in the European construction equipment market. A year later, the company invested a billion yuan in the creation of its own R&D center. In 2014, XCMG launched production facilities in Brazil, beginning to develop the markets of South and North America. Today, the Chinese concern has more than 20 subsidiaries around the world, and the company's products are successfully sold in 170 countries.