The Zhitong Finance App learned that on May 15, according to the latest data obtained by the First Commercial Vehicle Network, in April 2024, the domestic NEV heavy truck market sold a total of 4,590 vehicles (note: the data source for this article is Jiaotong Insurance's actual sales caliber, excluding exports and military vehicles, same below), down 13% from March, and continued to grow year-on-year, reaching 102%. This is the 15th month in a row that the NEV heavy truck market has continued to grow.

According to First Commercial Vehicle Network, in the first quarter of 2024, China's new energy heavy truck market achieved “3 consecutive increases”, with an average year-on-year growth rate of 134%. Among them, February and March both maintained contrarian growth despite the decline in the heavy truck terminal market, showing full resilience. After March, the cumulative sales volume of NEV heavy trucks successfully surpassed 10,000 units, with a cumulative increase of 142%. This is arguably the best performing quarter in NEV history.

In terms of numbers, although the 102% year-on-year increase in the NEV heavy truck market in April this year was narrower than in March (+181%), it continued to double (the NEV heavy truck market all broke 100 year-on-year growth in January, March, and April this year). The sales volume of 4,590 vehicles in April was the 5th highest monthly sales volume in the history of NEV heavy trucks (after December 2023, December 2022, March 2024, and November 2023, as shown below).

As can be seen in the picture above, the red bar representing 2024 is very conspicuous. Not only is sales volume significantly higher every month than in the same period of any previous year, but it is also high in the entire history of NEV heavy truck development (especially in the recent months of March and April, which are the 3rd highest in history and the 5th highest in history, respectively). As can be seen in the picture above, since June 2023, the NEV heavy truck market has maintained a high level (average monthly sales volume of more than 3,500 vehicles in June-December). Therefore, the NEV heavy truck market will continue to grow. In particular, it will be more and more difficult to continue to grow at a high level. However, if the good momentum of the last two months can be maintained, this round of growth will definitely not stop at “15 consecutive increases.”

In April 2024, demand for terminals in the domestic heavy truck market picked up. Overall sales of heavy trucks were about 65,000 units in April, and the year-on-year growth rate was corrected, with an increase of 17%. The 102% year-on-year growth rate of new energy heavy trucks in April continued to outperform the overall “market” of the heavy truck market. According to data obtained by First Commercial Vehicle Network, up to April of this year, new energy heavy trucks have outperformed the “market” of the industry for 11 consecutive months. It is worth mentioning that in January-April of this year, new energy heavy trucks significantly outperformed the “market” of the heavy truck market. At least, the overall growth rate of the heavy truck market was 85 percentage points higher, and their resilience was far stronger than we thought.

In April, NEV heavy trucks accounted for 7.1% of terminal sales in the heavy truck market, which is basically the same as last month; in January-April of this year, NEV heavy trucks accounted for 7.76% of terminal sales in the heavy truck market, a significant increase over the full year of 2023 (5.58%), which is much higher than the same period last year (accounting for about 3.1% in the same period last year). Looking at it objectively, the high penetration rate of NEV heavy trucks from January to April this year was “aided” by the weak overall performance of the heavy truck market, yet the continued positive development trend of China's NEV heavy trucks is visible to the naked eye and unquestionable.

From January to April 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. Looking specifically at cities, from January to April 2024, 226 cities across the country had new energy heavy truck licenses (24 new cities were added in April). Among them, 32 cities with more than 100 vehicles were licensed, 15 cities with more than 200 vehicles, and cities such as Chengdu, Changsha, Changzhi, and Shijiazhuang already sold more than 800 vehicles.

Sany surpassed 800 cars took the top spot in the monthly list, and JAC/Sinotruk/Shaanxi Automobile skyrocketed

In April 2024, 12 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 2 compared to the previous month. In the fourth round of competition for the 2024 NEV Heavy Truck Monthly Championship, Sany won the top spot with 801 vehicles, winning the second NEV Heavy Truck Monthly Championship of the year; XCMG followed with 759 vehicles, with a difference of less than 50 vehicles; Shaanxi Automobile ranked 3rd in the monthly list with 553 vehicles, gaining the highest ranking in the NEV Heavy Truck Monthly List this year; Yutong, Sinotruk, and Dongfeng ranked 4-6 with 378, 368 and 331 vehicles respectively. The sales volume difference between Sinotruk and Yutong in April was only 10 vehicles; Liberation and Remote The three companies and Fukuda also sold more than 200 vehicles in April, ranking 7-9th. In addition, JAC (including DeepWay. Shenzhen), Beiben, and Guizhou Changjiang sold 150, 118, and 100 vehicles respectively in April, ranking 10-12.

As can be seen from the chart above, the sales volume of mainstream new energy heavy truck companies in April this year was higher than in the same period last year. Among them, Sinotruk, Shaanxi Automobile, and JAC (including DeepWay. Shenzhen) reached a sharp level of year-on-year growth, with year-on-year increases of 300%, 209%, and 4,900%, respectively. The new “player”, Changjiang, Guizhou, saw net growth. Throughout 2023, the NEV heavy truck market had a total of 20 “players” selling more than 100 vehicles. After April 2024, over 100 “players” reached 16th place. You need to know that this number is still only 12 after March. From this perspective, it's not hard to see how popular the NEV heavy truck market was in April.

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

As can be seen from the table above, the NEV heavy truck market sold a cumulative total of 15,500 vehicles from January to April 2024, an increase of 129% over the previous year. The cumulative sales increase was 13 percentage points narrower than after March (+142%). Looking specifically at mainstream new energy heavy truck companies, there is almost only one voice of growth. Among these, companies such as Sinotruk, Shaanxi Automobile, Foton, Jiefang, and Jianghuai all outperformed the overall growth rate of the NEV heavy truck market. The cumulative sales volume of the companies mentioned above surged 426%, 408%, 611%, 178%, and 5922% year on year, respectively, and competed to lead the market; the top two XCMG and Sany had cumulative sales of more than 2,500 vehicles, up 107% and 84%, respectively. Both companies achieved significant growth in the same period last year. XCMG and Sany contributed more than 1,400 to the NEV heavy truck market, respectively and close The increase of 1,200 vehicles. As a result, although XCMG and Sany outperformed the “big market” of the NEV heavy truck market, the growth content of the two companies in January-April of this year was also very high.

It is worth mentioning that in January-April of this year, sales of JAC New Energy heavy trucks soared 5922% 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 October of last year, DeepWay. Shenxiang electric tractors have begun intensive delivery, helping JAC (600418.SH) to repeatedly “break” into the top of the NEV heavy truck monthly list, including the past April. JAC has entered the top ten NEV heavy truck monthly list three times this year.

In terms of market share, from January to April 2024, XCMG NEV temporarily sold 2,778 vehicles, with a cumulative share of 17.87%; Sany NEV temporarily ranked second with cumulative sales volume of 2,591 vehicles and a cumulative share of 16.67%; Sinotruk ranked 3rd in the cumulative sales list with 1,893 vehicles, with a market share of 12.18%, an increase of 6.88 percentage points over the same period last year.

The three companies of Shaanxi Automobile, Yutong, and Foton all had cumulative sales of over 1,000 vehicles, ranking 4-6, and grabbed 8.87%, 7.19% and 6.59% of the NEV heavy truck market respectively. Among them, the cumulative shares of Shaanxi Automobile and Foton from January to April of 2024 increased 4.88 percentage points and 4.47 percentage points respectively over the same period last year; Dongfeng and Remote, ranked 7th and 8th, all had cumulative sales volume of over 900 vehicles, with cumulative sales of 6.34% and 6.1% respectively; Liberation ranked 9th in the industry with a cumulative sales volume of 897 vehicles, ranking 9th in the industry It reached 5.77% compared to This is an increase of 1.02 percentage points over the same period last year.

In addition, the cumulative sales volume of JAC, SAIC Hongyan, Dayun and Beiben reached 542, 277, 198 and 198 vehicles respectively, ranking 10-12 (Universiade and Beiben tied for 12th place). Among them, JAC's market share increased by 3.35 percentage points over the same period last year. As of April, the gap between neighboring companies in the NEV heavy truck market was not that big. The cumulative sales volume of multiple groups of “neighbors” was only a few dozen vehicles, and the cumulative sales difference between the nearest remote and Dongfeng was less than 40 vehicles. The 2024 NEV heavy truck qualifying competition just passed 4 rounds, and the transition between you and me occurred every month.

Pure electric models account for nearly 96%, and hydrogen energy heavy trucks outperformed the “market” for the first time

According to data obtained by First Commercial Vehicle Network, the new energy heavy truck technology route in 2023 is still dominated by pure electric (including pure electric power exchange), and after entering 2024, this characteristic of pure electric as the main technology route continues: from January to April 2024, fuel cell heavy trucks and hybrid heavy trucks together accounted for only 4.09% of the NEV heavy truck market; the remaining 95.91% are all pure electric models (this proportion is higher than the same period last year and the whole of 2023, as shown below).

Corresponding to the increase in the share of pure electric heavy trucks, the “presence” of fuel cell heavy trucks and hybrid heavy trucks both declined compared to the same period last year. From January to April 2024, fuel cell heavy trucks and hybrid heavy trucks sold a total of 573 and 62 vehicles, respectively, up 93% and 44% year-on-year respectively. The cumulative increase was lower than the overall increase of new energy heavy trucks (+129%).

In April, 214 fuel cell heavy trucks were sold, up 116% year on year. The year-on-year growth rate was 14 percentage points higher than the overall increase in the NEV heavy truck market (the NEV heavy truck market grew 102% year on year in April). This is the first time this year that fuel cell heavy trucks have outperformed the “market” of NEV heavy trucks.

In January-April of this year, fuel cell heavy trucks manufactured by 14 companies were sold (Beiben, Xiamen Jinlong, Foton, and Xugong were added in April). Among them, fuel cell heavy trucks produced by companies such as Dayun, Foton, Shaanxi, Suzhou Jinlong, Qingling, SAIC Hongyan, and Jiefang have all been sold in two or more cities this year. Finally, let's take a look at hybrid heavy trucks. As of April 2024, only hybrid heavy trucks produced by Beiben, Sany, Yuancheng, Foton (600166.SH) and Jiefang have been sold. Vehicle types include dump trucks, tractors, concrete mixers, concrete pumps, etc., which have been listed in nearly 20 cities including Changzhi, Xi'an, Taiyuan, Ningbo, Foshan, Changsha, Kunming, Nanning, Guiyang, Chongqing, and Shijiazhuang.

In April, the NEV heavy truck market handed over the fifth highest monthly sales volume in history, with overall actual sales exceeding 4,500 vehicles, and a “report card” that continued to double year-on-year. Whether in terms of sales volume or growth, the performance can be said to have continued to be impressive. Mainstream companies are scrambling to achieve good sales results of over 800 vehicles, over 700 vehicles, and over 500 vehicles, and new “players” are constantly pouring in. The new “player” Changjiang, Guizhou, in April immediately stood out with 100 vehicles. It can be said that from the industry to the enterprise, the NEV heavy truck market in April was as booming as in March.