Taiwan's leading forklift maker, Tailift Co Ltd, aims to double its consolidated revenue to TWD20 billion (USD676 million) in the next five years to earn a spot in the world's top 10 of forklift manufacturers.

According to China Economic News Service, Tailift chairman XW Lin said his company plans to expand through branches and logistics centres in emerging markets like Russia, Vietnam and Thailand.

Tailift's revenue exceeded TWD10 billion (USD338 million) last year.

The company, which has had a presence in the Chinese market for 11 years, has invested CNY1 billion (USD159 million) in constructing a forklift manufacturing plant in Qingdao, northern China. The facility is estimated to achieve annual output of 50,000 units when completed.

Tailift, established in 1973 in Taiwan, started out making radial drilling machines. Today, it is one of the world's top 20 forklift manufacturers. Its 1-16 T forklifts are sold in over 50 countries. It is China's largest foreign forklift supplier, operating in over 100 outlets in the country. Its three plants in Taiwan, China and the US can produce up to 28,000 units annually.