|
1. Market Analysis Commercial vehicle market: Demand released ahead of schedule, growth slowed in April - From January to April, the cumulative sales of commercial vehicles reached 1.956 million, a year-on-year increase of 47.3%, which was slower than the growth rate in previous months. The monthly sales in April were 548,000, which was still at a high level. The high growth of the commercial vehicle market was mainly due to the stabilization and improvement of the economy and the stimulus of policies, as well as the large-scale launch of engineering projects during the peak season. In addition, due to the stimulus of the National VI factor, a large amount of demand was released in the first half of the year in advance.
- All commercial vehicle segments achieved growth, with trucks and buses increasing by 46.9% and 52.2% respectively.
Truck market: The market share of medium and heavy trucks has increased significantly - In April, the truck market sold 501,000 vehicles, a year-on-year increase of 0.7% and a month-on-month decrease of 16.4%; from January to April, the cumulative sales of the truck market reached 1.797 million vehicles, a year-on-year increase of 46.9%, and the growth rate slowed down.
- From the perspective of market structure, the proportion of medium and heavy trucks has increased significantly, gradually squeezing out the market share of light trucks and micro trucks.
- Mainstream truck companies all achieved year-on-year growth, among which SAIC-GM-Wuling's growth rate was relatively slow. Foton and Dongfeng ranked first and second respectively, while FAW dropped from the first place to third.
Truck market: Guangdong market is hot, with monthly sales in Shenzhen exceeding 10,000 - Overall, the largest truck markets are still Shandong and Hebei, followed by Guangdong, which ranked first in sales this month. Hebei's rapid momentum in the first two months slowed down and ranked third this month. In April, only five of the top ten provinces achieved year-on-year growth.
- In April, only Shenzhen achieved monthly sales of over 10,000 units. With high sales for several consecutive months, Shenzhen has surpassed Tianjin to become the city with the highest cumulative truck sales from January to April. Guangzhou followed closely behind, and Dongguan entered the top ten, jointly boosting Guangdong Province's truck sales.
Passenger vehicle market: Light passenger vehicle market share further increased, accounting for more than 85% - In April, the sales volume of buses reached 47,000, a year-on-year increase of 23.1%. From January to April, the cumulative sales volume of buses reached 159,000, a year-on-year increase of 52.2%. Overall, the industry has shown a good development momentum.
- In the market segment, the market share of light commercial vehicles has further increased and the proportion has exceeded 85%.
- The fuel for buses is mainly diesel, while pure electric vehicles are growing rapidly. Diesel, gasoline and pure electric vehicles are gradually becoming the mainstream of the bus market. Plug-in hybrid, natural gas and fuel cells are on the verge of being eliminated.
- In terms of usage, affected by the epidemic, the scale of passenger travel has declined, the market performance of long-distance and tourist buses has been weak, and the growth rate of school buses has been faster.
Bus market: The regional distribution is concentrated in the east, and Henan is the only province with negative growth among the top 10 provinces - The regional distribution of the bus market showed a clear concentration in the east. Among the top ten provinces, only Henan Province saw a decline in growth rate, while the rest of the provinces showed an upward trend.
- From the perspective of provinces, in April, Jiangsu was still the largest provincial market for buses, followed by Zhejiang, with cumulative sales in both provinces exceeding 10,000 units. Shanghai and Beijing showed a high growth rate of nearly 100%. From the perspective of cities, in April, the monthly sales of the top five cities exceeded 1,000, and the cumulative sales have formed a large gap with other cities. Wuhan's growth rate was outstanding due to the low base last year.
II. Policy Environment Environmental protection upgrades continue to bring demand for vehicle replacement and renewal
Controlling overload and overweight vehicles promotes the development of vehicles towards standard load, compliance and lightweight
- According to the National Three-Year Action Plan for Special Rectification of Work Safety, as one of the nine special rectification implementation plans, the road transport safety rectification clearly stated that it is necessary to establish an information supervision system for overload control, strictly implement the "one overload, four penalties" measures for overload control, deepen the special rectification of "hundred-ton kings", and basically eliminate illegal modification of trucks, "large tonnage, small label" and other illegal and irregular problems in 2022. In 2021, it will officially enter the concentrated attack stage. In addition to the continuous demand for replacement and renewal of vehicles, overload control will also develop products towards standard load, compliance and lightweight.
The new blue license plate regulations will control overloading behavior from the production end - Starting from the production end, the new standards for light trucks have been basically finalized, and overloading behavior is controlled by restricting the product configuration side.
3. Industry Insights Jiangling Heavy Truck to be sold, Volvo may take over - On the evening of May 7, 2021, Jiangling Motors issued an announcement stating that the board of directors of Jiangling Motors approved the sale of 100% of the equity of its wholly-owned subsidiary Jiangling Heavy Duty Automobile Co., Ltd. (hereinafter referred to as Jiangling Heavy Duty Automobile) through public listing on the Shanxi Provincial Property Rights Exchange Market at a price of no less than RMB 764 million. It is speculated that Volvo may take this opportunity to enter the Chinese market.
Great Wall uses hydrogen energy as a starting point to enter the heavy-duty truck market - On May 10, the Xindu District Government of Xingtai City and Great Wall Holding Group Co., Ltd. signed a cooperation agreement on the Great Wall Holding Xingtai Commercial Vehicle Project. Both parties stated that they will integrate their respective advantages to carry out the research and development and production of new energy commercial vehicles and heavy trucks, and jointly explore new models for the development of commercial vehicles. As a latecomer in the heavy truck industry, Great Wall intends to overtake in the heavy truck industry through hydrogen energy technology.
|
