According to the news from the Investing APP, in June 2024, China's diesel engine sales were 0.4016 million units, a 1.18% MoM decrease and a 2.12% YoY increase. From January to June, diesel engine sales were 2.6229 million units, a 2.08% YoY decrease, a narrower decline than the 2.8% drop in the prior 1-5 months. As for the multi-cylinder diesel engine market closely related to the commercial vehicle market, its performance was still unsatisfactory, both MoM and YoY declined: in June 2024, sales of multi-cylinder diesel engines for commercial vehicles were 0.1523 million units, a 4.74% MoM decline and a 7.67% YoY decline; cumulative sales for the first half of the year were 1.0483 million units, a 4.26% YoY increase. Compared with the growth rate of more than 6.6% in the first five months, the growth rate dropped by more than 2 percentage points.

In June 2024, the domestic internal combustion engine industry achieved a MoM increase and a slight YoY increase in sales; the cumulative sales for the first half of the year achieved YoY growth, with a slower increase compared to the increase in the first five months.

According to data from the China Internal Combustion Engine Association, in June 2024, China's internal combustion engine sales were 3.931 million units, a 6.23% MoM increase and a 1.74% YoY increase; cumulative sales for the first half of the year were 22.5329 million units, a 4.36% YoY increase (0.55 percentage points less than the increase in the first five months). In June, the performance of the internal combustion engine market was relatively stable, achieving double-digit growth both MoM and YoY, but the increase rate was not significant, and the YoY growth rate of cumulative sales continued to decline.

As for the multi-cylinder diesel engine market closely related to the commercial vehicle market, its performance was still unsatisfactory, both MoM and YoY declined: in June 2024, sales of multi-cylinder diesel engines for commercial vehicles were 0.1523 million units, a 4.74% MoM decline and a 7.67% YoY decline; cumulative sales for the first half of the year were 1.0483 million units, a 4.26% YoY increase. Compared with the growth rate of more than 6.6% in the first five months, the growth rate dropped by more than 2 percentage points.

Diesel engine: sales of 2.6229 million units from January to June, a 2% YoY decrease

According to the news from the Investing APP, in June 2024, China's diesel engine sales were 0.4016 million units, a 1.18% MoM decrease and a 2.12% YoY increase. From January to June, diesel engine sales were 2.6229 million units, a 2.08% YoY decrease, a narrower decline than the 2.8% drop in the prior 1-5 months.

Multi-cylinder diesel engine: sales of 2.1388 million units from January to June, a 0.87% YoY decrease

In June 2024, the production and sales of commercial vehicles in China totaled 0.33 million and 337,000 units, respectively, up 2.8% MoM and down 1.2% MoM, and down 3.5% and 4.9% YoY, respectively. From January to June, cumulative sales of commercial vehicles were 2.005 million units and 2.068 million units, respectively, YoY increases of 2% and 4.9%. The multi-cylinder diesel engine market sales fluctuated in sync, with both MoM and YoY declines; the overall decrease in cumulative sales continued to expand.

In June 2024, China sold a total of 0.3111 million units of multi-cylinder diesel engines, a 4.01% MoM and a 1.97% YoY decrease. From January to June, cumulative sales were 2.1388 million units, a 0.87% YoY decrease. The top ten companies in sales for the first half of the year were Weichai Power, Yuchai, Kunming Yunnei Power, Anhui Quanchai Engine, Jiangling Motors Corporation, Xiong'an New Power Technology, Dongfeng Cummins, Liberation Power, Foton Cummins, and Shanghai New Power, with minor changes compared to last month. The top ten accounted for 77.18% of total multi-cylinder diesel engine sales, a slight increase from last month.

Looking at the situation for June, most of the top ten companies did not achieve MoM growth. In June, Weichai was still the number one, with sales of 0.0579 million units. Yuchai was in second place with sales of 0.0386 million units. The third place went to Kunming Yunnei, with sales of 0.0312 million units, achieving a 21.71% MoM increase, the highest among the top ten companies. In June, Yunnei signed a contract with Foton Motor to become its 'core strategic supplier', arousing industry attention. Fourth place went to Jiangling Motors Corporation, with sales of 0.0258 million units. Anhui Quanchai ranked fifth with sales of 0.0214 million units, a 4.27% MoM increase. In June, Quanchai also made efforts in the overseas market and held an office and parts service center unveiling ceremony in Hanoi, Vietnam, laying a foundation for fully exploring the Vietnamese market. They were the only companies in the top five with sales exceeding 0.02 million units in June. Next, let's take a look at the cumulative sales in the first half of the year.

Sales and proportion of multi-cylinder diesel engines from January to June 2024

The cumulative sales data in the above table shows that from January to June 2024, Weichai's leading advantage was still obvious, with cumulative sales of multi-cylinder diesel engines reaching 0.398 million units, ranking first and achieving a 12.29% YoY increase, taking 18.61% of the market share. Compared with the same period last year, the market share grew by 2.18%, the highest among the top ten companies. Yuchai ranked second with cumulative sales of 0.2451 million units, a 13.72% YoY increase and a market share of 11.46%, an increase of 1.47% compared to the same period last year. Third-ranked Yunnei's cumulative sales were 0.1919 million units, a 1.63% YoY increase, holding a market share of 8.79%, an increase of 0.22% compared to the same period last year. Quanchai's cumulative sales were 0.166 million units, taking 7.76% of the market share. Jiangling Motors Corporation ranked fifth with cumulative sales of 0.1559 million units, a 6.12% YoY increase, and a market share of 7.29%, an increase of 0.48% compared to the same period last year.

In June, Dongfeng Cummins achieved a rise in rank. Its cumulative sales from January to June this year were 0.1018 million units, an increase of 3.48% year-on-year. Its market share was 4.76%, an increase of 0.2% compared to the same period last year, ranking 7th in the industry, up one place from last month.

Commercial vehicles with multi-cylinder diesel engines: 1.0483 million units sold in the first half of the year, up 4.26% year-on-year.

In June 2024, sales of commercial vehicles with multi-cylinder diesel engines were 0.1523 million units, a decrease of 4.74% month-on-month and 7.67% year-on-year; cumulative sales from January to June were 1.0483 million units, up 4.26% year-on-year. The top ten companies in cumulative sales are: Weichai, Jiangling, Yunnei, Yuchai, Foton Cummins, Jiefang Power, Anhui Jianghuai Automobile Group Corp.,Ltd., Dongfeng Cummins, Oukang Power and Quan Chai. Oukang Power, as a dark horse to enter the top ten this year, reached a new high in the industry ranking in June. In the first half of this year, the cumulative sales volume of the top ten enterprises accounted for 90.09% of the total sales, slightly higher than last month.

In June, only one company among the top ten achieved a month-on-month growth. The first-ranked Weichai had sales of 0.0328 million units in June; the second-ranked Jiangling Motors had sales of 0.0258 million units; the third-ranked Yunnei Power had sales of 0.017 million units, a month-on-month increase of 21.45%; the fourth-ranked Yuchai had sales of 0.0137 million units; and the fifth-ranked Foton Cummins had sales of 0.0115 million units. These are the only enterprises with monthly sales of over 10,000 units. Let's take a look at the cumulative sales performance of each enterprise.

Sales volume and proportion of commercial vehicles with multi-cylinder diesel engines from January to June 2024.

The cumulative sales data in the table above shows that in January-June 2024, Weichai still sits at the top with a cumulative sales volume of commercial vehicles with multi-cylinder diesel engines reaching 0.2309 million units, becoming the first enterprise with cumulative sales exceeding 0.2 million units, achieving a year-on-year increase of 15.76%, and its market share is 22.03%, an increase of 2.19% compared to the same period last year. The second-ranked Jiangling Motors sold 0.1559 million units, an increase of 6.11% year-on-year, and its market share was 14.87%, an increase of 0.26% compared to the same period last year. The third-ranked Yunnei is still the enterprise with the most significant growth, with cumulative sales of 0.1065 million units, a year-on-year increase of 46.71%, and its market share is 10.16%, an increase of 2.94% compared to the same period last year. With its outstanding performance, Yunnei achieved good results in the first half of this year with a market share reaching double digits and cumulative sales exceeding 0.1 million units. The cumulative sales volume of the fourth-ranked Yuchai was 0.0946 million units, an increase of 28.47% year-on-year, and its market share was 9.02%, an increase of 1.7% compared to the same period last year. The fifth-ranked Foton Cummins had a cumulative sales volume of 0.0837 million units, accounting for 7.98% of the market share.

Jianghuai Automobile Group Corp.,Ltd., ranked seventh in the industry, achieved a year-on-year increase of 20.66% with cumulative sales of 0.054 million units of commercial vehicles with multi-cylinder diesel engines in the first half of the year. Its market share was 5.15%, an increase of 0.7% compared to the same period last year. Oukang Power rose to ninth place for the first time, with cumulative sales of 0.0506 million units and a market share of 4.83%.