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The sales of heavy trucks have obviously decreased
Starting in March this year, the heavy truck industry experienced a surge of growth, with sales exceeding 50,000 units for three consecutive months. April marked the highest single-month sales in history for the sector. However, after the second half of the year, the market saw a more pronounced slowdown, with sales dropping below 40,000 units in July and August.
According to the latest data from the China Association of Automobile Manufacturers, production and sales of heavy trucks in September reached 37,266 and 40,342 units respectively, showing a year-on-year increase of 32.24% and 52.23%. Compared to August, production remained relatively stable, while sales rose by 11.24%.
Cumulative sales from January to September totaled 378,647 units produced and 374,895 units sold, representing a significant increase of 71.41% and 68.27% compared to the same period last year. The market continued to show strong growth throughout the year.
Wang Wenyu, Deputy General Manager of China National Heavy Duty Truck (CNHTC), noted that the drop in August was a normal fluctuation, and a slight recovery in September was expected. However, he also pointed out that, looking at the full-year trend, sales are likely to continue declining toward the end of the year, though they will remain at a high level overall.
Wang explained that the market typically experiences a dip in July and August, followed by a rebound in September and October. This year, however, the usual peak in demand during those months was less pronounced. He attributed the strong first-half performance to two main factors: rapid macroeconomic growth and the implementation of weight-based tolling in many regions.
Looking ahead, analysts expect continued tightening of monetary policies and the completion of major infrastructure projects in western China and nationwide, which could reduce demand for heavy trucks. Additionally, the closure of unqualified coal mines and high-pollution projects may further impact logistics and special vehicle demand.
Wang emphasized that the strong first-half market was driven by unexpected consumer spending, despite a slowdown in infrastructure investment. While the national economy maintained a healthy growth rate, the total demand for heavy trucks this year is unlikely to change much, meaning the strong first-half performance may have affected the second half.
He predicted a downward trend in the fourth quarter, noting that the "end-of-year rush" seen in previous years has disappeared due to improved production and sales models.
With the generally strong first-half sales, leading domestic manufacturers adjusted their annual targets. For example, CNHTC raised its target from 80,000 to 100,000 units, and as of September, it had already achieved 78.11% of its goal. Other companies like Shaanxi Automobile and Foton also increased their targets, and most reported positive progress.
Despite the market slowdown, some companies still saw strong growth, particularly in overseas markets. Shaanxi Automobile, for instance, saw a significant increase in exports, especially to Russia, where Chinese-brand trucks were well-received. With expanded production capacity and strong export demand, the company expressed confidence in meeting its annual targets.
Meanwhile, Dongfeng and Futian also reported solid progress, with preparations underway for the upcoming national 3 emission standards. They have been training service centers to ensure smooth after-sales support.
Overall, while the market faces challenges, many companies remain optimistic and are taking proactive steps to navigate the changing landscape.