According to the Wisdom Financial APP, on October 15th, the China Passenger Car Association released the wholesale sales volume ranking express report for September 2024. The data shows that in September 2024, the production of pickups was 42,900 units, a year-on-year decrease of 4.5%; the sales of pickups in September were 45,000 units, a year-on-year increase of 3.0% and a month-on-month increase of 17.2%, reaching a median level in the past 5 years. The pickup sales from January to September this year were 385,000 units, achieving a year-on-year growth of 2.0%, performing well compared to the overall negative growth of light trucks.

Great Wall Motor (601633.SH) has maintained a strong leading position in the pickup market, with good performance both domestically and internationally. In the domestic pickup market, Great Wall Pickup, Jiangling Motors Corporation, Zhengzhou Nissan, Jiangxi Isuzu, and others continue to show bullish performance, maintaining the "top three strong pickup" pattern.

Pickup Exports: In September, pickup exports reached 24,000 units, accounting for 52% of its sales volume. Among the overall Chinese truck exports in September, pickups accounted for 27%. As an internationally competitive vehicle type, pickups have become the strongest category in China's commercial vehicle exports.

In the past two years, the insufficient production of international car companies has led to a large supply-demand gap, laying the foundation for the overseas export of Chinese pickups, and also driving the continuous growth of Chinese pickup exports since 2022. From January to September this year, pickup exports continue to show a strong year-on-year growth trend, with some pickup companies seizing export opportunities to achieve strong growth in volume, such as Anhui Jianghuai Automobile Group Corp.,Ltd., Chongqing Changan Automobile, Great Wall Motor, and SAIC Maxus, with exports accounting for more than half of each manufacturer's total pickup sales volume.

Comprehensive Evaluation: Although the national consumption promotion efforts have increased, the unreasonable restrictions on consumption are gradually being lifted. However, the consumption inertia in cities with purchase restrictions and traffic restrictions still persists, leading to a sluggish demand for pickups. In the past two years, the domestic pickup production and sales market has mainly been concentrated in markets such as the northwest, southwest, central, and northeast regions. The proposition of allowing pickups into cities is not as effective as the "pickups going to the countryside" strategy. The proportion of pickup sales in county-level markets this year has shown a good increase compared to the previous year, effectively offsetting the shrinkage of domestic urban pickup sales.

With the launch of the domestic electric pickup market, companies like Geely and Radar are gradually cultivating the market for electric pickups. It is expected that there will be more new energy pickup products to meet domestic and foreign demand in the future.