The China Automobile Circulation Association released the Quick Report on Pickup Manufacturer's Wholesale Sales Volume Ranking for May 2024 on June 18th. Sales in the pickup market in May 2024 were 45,000 units, flat YoY and up 1.7% MoM, at a relatively high level in recent years. As last May saw a relatively high pickup base, May's performance was still good. Pickup sales from January to May this year reached 218,000 units, with a YoY growth of 4.1% and an overall good performance.

Due to the inefficiency of easing the road access restriction for pickups entering cities, pickups coming to cities has become a false proposition. The pickup markets in northwest, southwest, central, and northeast China continue to be strong. Although national policies to spur consumption are getting stronger, unreasonable measures to restrict consumption are gradually being lifted, and the demand for pickups in cities with purchase/circulation restrictions still remains weak. Under the pressure of the sluggish real estate market, the proportion of pickup sales in the domestic county and township markets has grown well YoY, effectively offsetting the shrinkage of pickups in big cities.

In May, the YoY sales of pickups remained flat, and pickups accounted for 45% of all exported commercial vehicles, making it the strongest product category in terms of export volume. Due to the insufficient production of international car companies and the large supply-demand gap, the overseas market demand for Chinese pickups has grown rapidly in recent years, driving the continuous growth of Chinese pickup exports since 2022. Exports from January to May 2024 still show a strong YoY growth trend, with strong export performances from Great Wall Motors (02333), SAIC-GM-Wuling, and JAC Motors (600418.SH), among others. In the past two years, the export quantity of some pickup enterprises accounted for more than 40% of their total pickup production.

The YoY growth of domestic pickup sales in May was relatively weak, mainly due to the high base effect after the springtime recovery of all industries last year. Great Wall Motors, Jiangling Motors Corporation, Zhengzhou Nissan, and Jiangxi Isuzu continue to show strong performances in the domestic pickup market. The trend of traditional block orders in the domestic retail market remains stable. The pattern of China's domestic pickup market remains relatively stable, with Great Wall Motors, Jiangling Motors Corporation, Zhengzhou Nissan, and Jiangxi Isuzu continuing to dominate the market. The domestic electric pickup market is gradually launching, with more new energy pickup products expected to meet domestic and foreign market demands in the future.