Shanghai Stock Exchange Main Board Listing ·603950.SH
Foton leads the heavy-truck segment with a 112% surge, while Dayun’s medium‑truck sales climb 58%. Mid‑August analysis of the medium- and heavy‑truck market.
Starting in April 2020, the automotive industry began to recover gradually. Among its segments, the commercial vehicle market outperformed the passenger car market, while the truck sub‑segments entered a sustained growth trajectory. As this steady expansion continued, the impact of the pandemic was progressively absorbed.
Starting in April 2020, the automotive industry began to recover, with the commercial‑vehicle market outpacing the passenger‑car segment. Within the truck market, all subsegments entered a sustained growth trajectory, and over time, the impact of the pandemic has been gradually absorbed.
According to the latest data from First Commercial Vehicle Network, in August 2020, China’s truck market recorded production and sales volumes of 389,900 units and 396,200 units, respectively. Production fell 11% month-on-month but rose 49% year-on-year, while sales declined 4% month-on-month and increased 49% year-on-year. Both production and sales growth rates narrowed compared with July. By vehicle segment, heavy-duty trucks, medium-duty trucks, light-duty trucks, and micro‑trucks sold 130,000, 13,100, 190,100, and 62,900 units, accounting for 32.82%, 3.32%, 47.97%, and 15.89% of the August truck market, respectively.
Heavy-duty truck sales situation:
In August 2020, sales of heavy-duty trucks (including chassis and tractors) reached 130,000 units, down 7% month-on-month but up 78% year-on-year. While the year-on-year growth rate narrowed slightly compared with the previous month, it marked the fifth consecutive month of year-on-year increases exceeding 60%—with growth rates of 61%, 66%, 63%, and 84% in April through July, respectively—and represented an additional 56,700 units sold versus the same period last year. In August, the top five manufacturers by volume were Jiefang, Dongfeng, Sinotruk, Shaanxi Auto, and Foton, collectively accounting for 108,500 units, or 83.42% of total heavy-truck sales for the month.
August 2020 Sales Table for Heavy-Duty Trucks (including chassis and tractors) (Unit: vehicles)
As shown in the table above, compared with the previous month, among the top five heavy‑truck manufacturers in August, two posted increases while three recorded declines. Year over year, all five companies achieved growth, with each posting substantial gains; Foton Motor’s sales surged 112% in August, the largest increase among the top five, marking the fifth consecutive month of double-digit growth and cementing its leadership in the heavy‑truck market. In August, each of the top five players sold more than 10,000 units, with the four leading brands—FAW, Dongfeng, SINOTRUK, and Shaanxi—each exceeding 20,000 units. Notably, SINOTRUK and Shaanxi outpaced the overall heavy‑truck market, posting year‑on‑year growth rates of 91% and 97%, respectively.
From January to August 2020, cumulative sales in the heavy-truck market reached 1.0856 million units, up 35% year on year. The year-to-date growth rate expanded further compared with the first seven months (which saw a 31% increase). Among the top five manufacturers, all recorded year-on-year gains, with each posting double-digit growth; Foton Motor posted the strongest year-to-date increase, at 84%.
As shown in the chart, the heavy‑truck market surged 78% in August; after five consecutive months of robust growth, the year‑to‑date cumulative sales increase has expanded to 35%. The heavy‑truck sector’s August growth outpaced the overall truck market’s 49%, and its January–August cumulative gain also significantly exceeded the industry’s aggregate performance.
Medium Truck Sales Analysis:
In August 2020, sales of medium-duty trucks (including chassis) reached 13,100 units, up 2% month-on-month and 10% year-on-year. The year-on-year growth rate marked a significant deceleration compared with the previous month, when sales had surged 34% year over year. In August, the top five manufacturers in the medium-duty truck segment were Foton, Dayun, Dongfeng, Jiefang, and JAC, collectively accounting for 10,400 units—78.73% of total medium-duty truck sales for the month.
August 2020 Sales Table for Medium-Sized Trucks (Including Chassis) (Unit: vehicles)
As shown in the table, compared with the previous month, among the top five medium‑truck manufacturers in August, three posted increases and two declined. Year over year, against the same period in 2019, four of the five companies recorded growth while one fell; the largest increase was 58% for Dayun, which ranked second, and the other firms that expanded also outpaced the overall growth rate of the medium‑truck market. In August 2020, among the top five players in the medium‑truck segment, Foton, Dayun, and Dongfeng all posted double-digit year‑on‑year and month‑on‑month gains, whereas Jiefang experienced declines on both fronts.
From January to August 2020, the medium‑truck market recorded cumulative sales of 97,800 units, up 4.5% year over year. Following a streak of month‑over‑month gains that began in April, the year‑to‑date decline has steadily narrowed—down 30% through March, 16% through April, 2% through May, and 0.3% through June. By July, the market had turned positive, and by August, the year‑to‑date growth rate had expanded further. Foton, Jiefang, and Jianghuai all posted gains, with Jiefang posting an impressive 115% year‑to‑date increase through August.
As shown in the chart, medium‑duty trucks account for a very small share of the truck market. In August 2020, the medium‑duty truck segment posted a year‑on‑year growth rate of 10%, lagging behind the overall truck market’s 49% increase. Moreover, the cumulative growth of 4.5% from January to August was markedly weaker than the truck market’s overall performance.
In April, the medium‑truck market ended its 22‑month streak of consecutive declines, and in May, it posted a year‑on‑year increase of 70%, becoming the segment with the strongest growth in the truck industry. Although its growth rate lagged behind the overall market in June, July, and August, it still achieved an impressive five‑month consecutive rise. Leading manufacturers such as Foton, Jiefang, and JAC have maintained strong momentum through the first eight months of 2020 and are placing increasing emphasis on the medium‑truck segment. Cumulative sales for the first eight months have already risen by 4.5%, offering grounds for optimism. Despite its relatively small market share, the medium‑truck market’s future performance is highly promising.
J6L Elite Edition medium-duty truck from Jiefang
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