59000 heavy-duty trucks were sold in July! Heavy Duty Truck 16000 yuan, Liberation increased by 40%, Dongfeng/XCMG rose against the trend

In July, the heavy-duty truck market delivered a sales record of 59000 units, with both year-on-year and month on month declines, indicating that the industry is still in the stage of destocking and preparing for the "Golden September and Silver October" peak season. How many heavy trucks have mainstream car companies sold during this off-season month?

Market Share Chart of Heavy Truck Enterprises from January to July 2024

Monthly Sales Trend Chart of China's Heavy Truck Market from 2018 to 2024 (Unit: Vehicles)

In July, 59000 heavy-duty trucks were sold, may the market experience a downturn?

According to the latest available data, in July 2024, China's heavy-duty truck market sold approximately 59000 vehicles (wholesale caliber, including exports and new energy), a decrease of 17% compared to June and a decrease of 4% from 61300 vehicles in the same period last year, a decrease of about 2000 vehicles.

Looking at the past eight years, 59000 units were sold, which is only higher than July 2022 (45200 units) and lower than July sales in other years. Cumulatively, from January to July 2024, China's heavy-duty truck market sold approximately 563500 vehicles of various types, an increase of 2% compared to the same period last year, with a net increase of nearly 14000 vehicles. The cumulative growth rate further narrowed compared to January to June.

There are several characteristics worth paying attention to in the heavy truck industry in July. Firstly, domestic terminal sales are higher than wholesale sales. In July, due to high channel inventory in the first half of the year, various car companies were working on "destocking" and "reducing burdens", resulting in relatively low wholesale sales in China. According to the forecast of First Commercial Vehicle Network, the sales of domestic heavy-duty truck terminals in July are expected to increase slightly by about 5% year-on-year and decrease slightly by 4% month on month, indicating that the demand for new car purchases in the road freight industry has basically hit rock bottom.

Secondly, in July, under the market environment of low freight rates and low returns, the prosperity of the freight industry was relatively low, and overall terminal demand was weak. However, gas heavy-duty trucks rose month on month against the trend, increasing by nearly 70% compared to the same period last year, and the month on month growth rate was also close to 10%

Monthly Sales Trend Chart of China's Heavy Truck Market from 2018 to 2024 (Unit: Vehicles)

Once again, as one of the "three pillars" of the current development of China's heavy-duty truck market, the sales of new energy heavy-duty trucks in July continued the good momentum of the "off-season", and it is expected that the actual terminal sales will exceed 5300 vehicles, a significant increase of about 1.2 times year-on-year. Look at the exit again. Since the first year-on-year decline in heavy-duty truck exports in June, it is expected that the sales volume of heavy-duty trucks in July will still slightly decrease by about 7%. However, the overall performance of non Russian regions is still relatively strong, supporting the export market to remain above 23000 units in June and July.

Sinotruk Sales of 16000, Liberation Soars by 43%, Dongfeng/XCMG Counter trend Growth

What "transcripts" did the top ten heavy truck industry submit in July this year?

Data shows that in the market "ranking" in July, three companies sold over 10000 units, with China National Heavy Duty Truck Group winning with 16000 units. The other two companies that sold over 10000 units were Jiefang (12000 units) and Shaanxi Automobile Group (10000 units); Companies that saw year-on-year growth against the trend include Liberation (43%), Dongfeng (4%), and XCMG (25%). Accumulatively, the five companies that achieved year-on-year growth in market share from January to July include Heavy Duty Truck Group, Liberation, Dongfeng, XCMG, and Beiben.

Sales Ranking of Heavy Truck Enterprises in July 2024 (Unit: Vehicles)

Specifically, China National Heavy Duty Truck Group sold approximately 16000 heavy-duty trucks in July, maintaining its position as the industry leader; Its cumulative sales from January to July were about 155400 vehicles, a year-on-year increase of 4%, and its market share rose to 27.6%, an increase of 0.3 percentage points.

FAW Jiefang sold about 12000 heavy trucks in July this year, a year-on-year increase of 43%; From January to July, the cumulative sales volume of Jiefang heavy-duty trucks was about 118100 units, a year-on-year increase of 8%, with a market share of about 21%, an increase of 1 percentage point year-on-year.

Dongfeng Corporation (including Dongfeng Commercial Vehicles, Dongfeng Liuqi Chenglong Automobile, Dongfeng Huashen, etc.) sold approximately 8500 heavy-duty trucks in July, a year-on-year increase of 4% against the trend; From January to July this year, Dongfeng Motor Corporation sold approximately 92500 heavy-duty trucks, a year-on-year increase of 6%, with a market share of about 16.4%, maintaining the top three in the industry and a market share increase of 0.6 percentage points.

Shaanxi Automobile Group (including Shaanxi Automobile Heavy Truck, Shaanxi Automobile Commercial Vehicle, etc.) sold about 10000 heavy trucks in July, and sold about 90500 various types of heavy trucks from January to July this year, a year-on-year increase of 2%, with a market share of 16.1%. Foton Motor (including Foton Daimler) sold about 5000 heavy trucks in July, and accumulated sales of various types of heavy trucks from January to July this year, with a market share of about 7.7%.

In the third tier of the heavy truck industry, Dayun Heavy Truck sold 2268 vehicles in July, ranking sixth in the industry; From January to July this year, Dayun Heavy Truck sold a total of 15800 units, a year-on-year increase of 4%, ranking sixth in the industry with a market share of 2.8%. XCMG Heavy Truck sold about 1500 vehicles in July, a year-on-year increase of 25% against the trend; Its cumulative sales from January to July were 11200 vehicles, a year-on-year increase of 9%, ranking seventh in the industry, with a market share of 2%, an increase of 0.1 percentage points.

Jianghuai Automobile sold about 900 heavy trucks in July this year, with a cumulative sales of 8400 vehicles from January to July, ranking eighth in the industry in terms of cumulative sales and a market share of about 1.5%. Beiben Heavy Duty Truck sold 598 heavy trucks in July, with a cumulative sales of 6600 vehicles from January to July, a year-on-year increase of 9%. Its cumulative sales ranked ninth in the industry, with a market share of about 1.2%, an increase of 0.1 percentage points. SAIC Hongyan sold about 450 heavy-duty trucks in July, and accumulated sales of about 5000 heavy-duty trucks from January to July this year, a year-on-year increase of 1%, with a market share of about 0.9%.

What about the future market?

In July, under the attention of the public, the trade in policy for commercial vehicles finally came. On July 31st, the Ministry of Transport and the Ministry of Finance issued a notice on the implementation of scrapping and updating old operating trucks, providing financial subsidies for scrapping and updating old operating trucks. According to the policy, a National III operating diesel heavy-duty truck that has been in use for 10-11 years can receive a subsidy of 45000 yuan after being scrapped. If the owner purchases a new National VI operating diesel heavy-duty truck (with 4 axles or more), they can receive an additional subsidy of 65000 yuan. The total subsidy for scrapped and newly purchased single vehicles is 110000 yuan; If the car owner purchases a new energy heavy-duty truck (with 4 axles or more), they can receive a subsidy of 95000 yuan. The total subsidy for scrapped and newly purchased bicycles is 140000 yuan.