The Zhitong Finance App learned that according to the latest data obtained by the First Commercial Vehicle Network, in August 2024, a total of 6,303 new energy heavy trucks were sold in China, down 5% from July, and continued to grow year-on-year, reaching 117%. The NEV heavy truck market has maintained year-on-year growth for 19 consecutive months. In terms of numbers, the 117% year-on-year increase in the NEV heavy truck market in August was narrower than in July (+179%), but the sales volume of 6,303 vehicles was still at a high level (the third-highest monthly sales volume in history, only lower than June and July of this year). More than that, the NEV heavy truck market had a year-on-year growth rate of over 100 for 6 consecutive months, with an average monthly increase of 140% in January-August this year.

Actual sales of 6,303 vehicles surged 117% in August, breaking 6,000 units in March

According to the latest data obtained by First Commercial Vehicle Network, in August 2024, a total of 6,303 new energy heavy trucks were sold in China (note: the data source for this article is Jiaotong Insurance's actual sales volume, excluding exports and military vehicles, same below), down 5% from July, and continued to grow year-on-year, reaching 117%. The NEV heavy truck market has maintained year-on-year growth for 19 consecutive months. In terms of numbers, the 117% year-on-year increase in the NEV heavy truck market in August was narrower than in July (+179%), but the sales volume of 6,303 vehicles is still at a high level (the third-highest monthly sales volume in history, only lower than in June and July of this year, as shown below). More than that, the NEV heavy truck market has broken 100 year-on-year growth for 6 consecutive months, with an average monthly increase of 140% in January-August this year.

As can be seen in the picture above, the red bar representing 2024 has always been very “dazzling”. Whether you look at it as a whole or just a single month, it is significantly higher than in previous years. In particular, the recent months of June, July, and August just happened to be the three months with the highest sales volume in the history of the NEV heavy truck market. As of August 2024, the total monthly sales volume of NEV heavy trucks exceeded 6,000 vehicles 5 times, 3 of which occurred in the last June-August. The previous March-May sales volume was not low (around 5,000 vehicles). Judging from sales data, the NEV heavy truck industry is currently in its first heyday.

As can be seen in the picture above, the NEV heavy truck market has maintained a high level since June 2023. Therefore, it will be more and more difficult for the NEV heavy truck market to continue to grow at a relatively large scale in the future. However, with the high level of recent months, the NEV heavy truck market will definitely not stop at “19 consecutive increases.”

In August 2024, demand for terminals in the domestic heavy truck market continued to weaken. Overall sales of heavy trucks in August were only 0.04 million units, a year-on-year decline of more than 20%. The 117% year-on-year growth rate of new energy heavy trucks in August continued to significantly outperform the overall “market” of the heavy truck market. According to data obtained by First Commercial Vehicle Network, up to August of this year, new energy heavy trucks have outperformed the “market” of the industry for 15 consecutive months. It is worth mentioning that in the first 8 months of this year, NEV heavy trucks surpassed the “big market” of the heavy truck market by at least 85 percentage points, and the NEV heavy truck market has not been affected by weak demand for heavy truck terminals (overall actual sales of heavy trucks have been declining for 5 consecutive months, and July and August were also low season for heavy truck sales), and continued to reap 100 year-on-year increases. The NEV heavy truck market has shown extreme resilience in recent months.

In August, NEV heavy trucks accounted for 15.7% of terminal sales in the heavy truck market, up from the previous month (14.2%), and the NEV heavy truck penetration rate has exceeded 10% for three consecutive months; from January to August of this year, NEV heavy trucks accounted for 10.48% of terminal sales in the heavy truck market, up quite a bit from the full year of 2023 (5.58%), which is much higher than the same period last year (accounting for about 4.05% in the same period last year). Looking at it objectively, although the high penetration rate of new energy heavy trucks since 2024 has been “aided” by the poor overall performance of the heavy truck market, there is no doubt that China's NEV heavy truck development trend continues to improve.

From January to August 2024, all 31 provinces (cities and districts) across the country were listed for new energy heavy trucks. In fact, in the first month of 2024, the penetration of new energy heavy trucks across the country was fully rolled out. As of August, 13 provinces across the country have licensed more than 1,000 new energy heavy trucks this year, Hebei Province has sold more than 6,000 vehicles, and Shanxi, Guangdong, Sichuan, Hunan and other provinces have all sold more than 3,000 vehicles. Looking specifically at cities, from January to August 2024, the number of NEV heavy truck licenses reached 276, of which 39 had more than 200 vehicles, 26 cities with more than 300 vehicles, and 4 cities, including Shijiazhuang, Shenzhen, Chengdu, and Changsha, had already registered more than 2,000 vehicles.

Xugong/Sanyi/Liberation competed for the championship, and Futian soared to the top four in the monthly list

In August 2024, 11 companies in the NEV heavy truck market sold more than 100 vehicles, and the number of companies selling more than 100 vehicles per month increased by 1 compared to the previous month. It is worth mentioning that in August, there were 9 companies that sold more than 400 new energy heavy trucks, 6 companies with more than 500 vehicles, and 3 companies with more than 900 vehicles, completely continuing the boom in the market in previous months.

(Note: The picture above shows the sales volume of new energy heavy truck chassis manufacturers. The sales volume of modified manufacturers is not listed separately; same below. (Among them, 89 new energy heavy trucks sold by JAC in August were DeepWay. Shenxiang New Energy Heavy Truck, and Lianhe Heavy Truck sold 23 Jingzheng pure electric tractors in August)

In August, XCMG won the top spot with sales of 1,014 vehicles, winning the 5th place in its monthly NEV heavy truck list; Sanyi and Jiefang ranked 2nd and 3rd with 996 and 983 vehicles respectively, once again refreshing its highest monthly sales volume in the new energy heavy truck market; Foton (600166.SH) ranked 4th with 564 vehicles, creating its own highest monthly sales volume and highest monthly ranking this year; Yutong and Shaanxi Auto, which ranked 5th and 6th in the monthly list, also sold over 500 vehicles, reaching 512 and 509,50950 vehicles respectively (Sinotruk); 03808), Dongfeng and Remote Distribution It ranked 7-9 in the August monthly list, with sales exceeding 400 units, reaching 447, 418, and 401 vehicles respectively; JAC and Hongyan also both broke 100 sales in August, ranking 10th and 11th in the monthly list.

As can be seen in the chart above, the sales volume of mainstream new energy heavy truck companies in August this year was higher than in the same period last year. Among them, Jiefang, Foton, and United Heavy Truck achieved a sharp increase of 301%, 324%, and 1350% year-on-year, respectively. They competed to lead the market. Sany and JAC increased 292% and 285%, respectively.

Throughout 2023, the NEV heavy truck market had a total of 20 “players” who sold more than 100 vehicles, and 9 “players” who sold more than 1,000 vehicles; after August 2024, over 100 “players” had reached 20, and more than 1,000 “players” all had 10. You need to know that after the end of the season, the NEV heavy truck market was 12 and 3 respectively, which shows how hot the NEV heavy truck market has been in recent times.

Sales volume table of new energy heavy truck companies from January to August 2024 (unit: vehicle)

As can be seen from the table above, the NEV heavy truck market sold a total of 0.0406 million vehicles from January to August 2024, an increase of 142% over the previous year. The cumulative sales increase narrowed compared to after July (+148%). Looking specifically at mainstream companies, there is only one voice for growth. Among these, companies such as Sinotruk, Jiefang, Yutong, Shaanxi Automobile, Foton, and JAC all outperformed the overall growth rate of the NEV heavy truck market; the cumulative sales volume of XCMG and Sany in January-August this year increased 135% and 120% year over year, respectively. Both companies doubled their growth when sales were already high during the same period last year. Although the increase was lower than the overall growth rate of the market, the gold content of their growth was actually very high. XCMG and Sany contributed an increase of nearly 4,000 vehicles and more than 3,600 vehicles respectively to the NEV heavy truck market in January-August of this year.

It is worth mentioning that in January-August of this year, sales of JAC New Energy heavy trucks soared 1151% year on year, leading the industry. First Commercial Vehicle Network notes that more than 90% of the new energy heavy trucks sold by JAC this year come from DeepWay. Shenxiang pure electric tractors. Since this year, DeepWay. has helped JAC to repeatedly “jump” into the top of the NEV heavy truck monthly list. Today, the top ten positions in the NEV heavy truck industry are more and more stable. You need to know that during the same period last year, JAC was still hovering around 20th place in the industry.

In terms of market share, from January to August 2024, XCMG sold 6,901 heavy trucks temporarily ranked first in the industry, with a market share of 16.98%; Sany New Energy Heavy Truck temporarily ranked second with a cumulative sales volume of 6,662 vehicles and a market share of 16.40%; Sinotruk ranked 3rd with 3,956 new energy heavy truck sales, with a market share of 9.74%. Sinotruk's market share increased 4.55 percentage points over the same period last year, the most obvious increase.

Another significant increase in market share was Liberation, which currently ranked 4th in the cumulative sales list. Jiefang sold 3786 new energy heavy trucks in January-August this year, reaching 9.32%, up 3.82 percentage points from the same period last year; Yutong, Shaanxi Automobile, and Dongfeng, which ranked 5-7, also sold more than 3,000 vehicles in January-August, with market shares of 8.70%, 8.67%, and 7.45% respectively. Among them, Yutong and Shaanxi Automobile have increased their market share compared to the same period last year; Foton and Shaanxi Auto, which are temporarily ranked 8th and 9th, have both sold more than 2,000 vehicles in January-August, respectively. Grab it Market share of 6.28% and 5.97%. Among them, Foton's market share increased 2.96 percentage points over the same period last year.

The cumulative sales volume of JAC, which currently ranks 10th in the industry, reached 1,051 vehicles in January-August this year, with a market share of 2.59%, an increase of 2.5 percentage points over the same period last year; SAIC Hongyan and Beiben also sold more than 500 units, ranking 11th and 12th, with market shares of 1.58% and 1.31% respectively.

The share of pure electric models continues to exceed 90%, and hybrid heavy trucks soared 404% in January-August

First Commercial Vehicle Network notes that since 2024, the NEV heavy truck market has continued the characteristics of pure electric vehicles as the main technology route: from January to August of this year, fuel cell heavy trucks and hybrid heavy trucks only accounted for 6.89% of the total NEV heavy truck market; the remaining 93.11% were pure electric models (this share is higher than the same period last year and the whole of 2023, but slightly lower than the same period in 2022, as shown below).

Corresponding to the increase in the share of pure electric heavy trucks, the share of fuel cell heavy trucks decreased by 3.6 percentage points compared to the same period last year. From January to August of this year, a total of 2,562 fuel cell heavy trucks were sold, an increase of 54% over the previous year. It is the only type that can compete with the “big market” in the market among the three major new energy heavy truck technology routes.

From January to August of this year, 20 “players” in the fuel cell heavy truck market participated in the competition. Among them, 9 companies have sold more than 100 vehicles in total. As can be seen in the picture above, the fuel cell heavy truck market is currently very competitive. Dongfeng, Shaanxi Automobile, Foton, and Jiefang, which are in the top 4, all sell more than 350 vehicles. The gap between neighboring companies is very small. The difference between the three companies of Shaanxi Automobile, Foton, and Jiefang is no more than 5 vehicles. The ranking competition is very exciting. Furthermore, the cumulative sales volume of companies such as Yutong, Feisui, Universiade, Sany, and Telecom has now also broken 100.

Let's also take a look at hybrid heavy trucks (including diesel hybrids, methanol hybrids, and natural gas hybrids), which are becoming increasingly prominent today. From January to August of this year, 237 hybrid heavy trucks were licensed across the country. The share of the NEV heavy truck market was 0.58%, an increase of 0.3 percentage points over the same period last year.

From January to August of this year, a total of 237 hybrid heavy trucks were sold, surging 404% year on year, significantly outperforming the overall 142% growth rate of the NEV heavy truck market. As of August, this year's hybrid heavy truck market has brought together 7 companies including Yuancheng, Sany, Beiben, Jiefang, Fukuda, Long March, and United Heavy Truck. Among them, the cumulative sales volume of the top remote has broken 100, and the cumulative sales volume of Sany, Beiben, Jiefang, and Fukuda has also reached double digits. The hybrid heavy trucks of the companies mentioned above are all listed in many cities. Currently, they are mainly in the form of tractors, dump trucks, concrete mixers, etc.

Closing remarks

From June to August, sales of new energy heavy trucks all maintained a high level of more than 6,000 units, and continuously doubled. They were completely unaffected by the low sales season in the heavy truck industry. Recently, all NEV heavy truck manufacturers have also been at full power. In August, there were 3 companies with sales exceeding 900 vehicles, 6 companies with over 500 vehicles, and 9 companies with over 400 vehicles. More than half of the companies doubled their growth. From industry to enterprise, the NEV heavy truck market continued to boom in August.