The Zhitong Finance App learned that in February 2024, the national pickup truck market sold 33,000 vehicles, down 22.3% year on year and 24.5% from January, and is at a medium to high level in the past 5 years. Due to the long production and sales period for pickups after the Spring Festival in February last year, and there is a lot of pressure from a high base, it is normal for pickup truck growth to decline this year. Pickup sales in January-February of this year were 77,000 units, an increase of 4.9% year-on-year, and overall performance was good.

As the results of pickups entering the city were far less effective than those in the countryside, the false proposition of pickup trucks entering the city came to light. Markets such as the Northwest and Northeast continue to strengthen, and demand for pickup trucks is sluggish in limited-purchase cities and limited-travel cities. Due to insufficient production by international car companies and large contradictions between supply and demand, the relationship between China and European and American countries has remained good. Demand for Chinese automobiles in overseas markets has surged, driving China's pickup truck exports to continue to grow since 2022. Exports from January to February 2024 still showed a good growth trend of 57% year-on-year. Among them, Great Wall (02333), SAIC Chase, Jianghuai (600418.SH), and Changan (000625.SZ) showed excellent export performance.

Under the pressure of a sluggish real estate environment and driven by consumer promotion policies, China's pickup truck production and sales performance will remain relatively stable in 2023. Under the high base of last year's Spring Festival factors, this year's production and sales trend is relatively steady. In February of this year, 29,000 pickup trucks were produced, down 28.4% from the previous year, and exports increased by 84% in February. Demand in the export market has been weak recently, and the seasonal decline in the domestic pickup market is relatively stable. In particular, the share of pickup truck sales in the county and rural markets has increased steadily compared to last year, effectively offsetting the contraction of pickup trucks in major cities.

The year-on-year decline in sales of pickup truck manufacturers in February was mainly driven by the high base in February after the Spring Festival last year, which is beneficial to this year's better performance. Great Wall Motor achieved strong and positive growth in pickup truck sales and maintained a strong lead in strong pickup trucks. Great Wall Motors, Jiangling Motors, Zhengzhou Nissan, and Jiangxi Isuzu continued to perform well in the domestic pickup market. The export market has fluctuated greatly. Some pickup truck companies have seized export opportunities to achieve strong growth. SAIC Chase, Great Wall Motor, JAC, and Changan Automobile have a huge export scale, accounting for nearly 30% of the total volume of some manufacturers. The trend of pickup trucks from traditional major manufacturers in the domestic retail market is still relatively stable. The pattern of the domestic pickup truck market is relatively stable, and the pattern of the top three pickup trucks of Great Wall, Jiangling, Zhengzhou Nissan, and Jiangxi Isuzu continues to be stable. The domestic electric pickup truck market is gradually starting, and electric pickup trucks such as Geely Radar are gradually cultivating the market.