Auto Federation: In December 2024, the pickup truck market sold 46,000 units, a month-on-month increase of 4.9%

According to the data from the China Association of Automobile Manufacturers, in December 2024, the production of pickup trucks was 42,600 units, a year-on-year decrease of 14.8%. In December, pickup truck sales were 46,000 units, a decrease of 4.7% compared to December 2023, an increase of 4.9% month-on-month, and sales in December were at the median level of the same period in the past five years. The sales of pickup trucks in January-December of this year were 516,000 units, achieving a year-on-year growth of 0.6%, with overall stable performance. Great Wall Motor continues to maintain its strong leadership position in the pickup truck market, performing well both domestically and internationally. In the domestic pickup truck market, Great Wall Motor (02333), Jiangling Motors Corporation (000550.SZ), Zhengzhou Nissan, Jiangxi Isuzu, among others, continue to show positive performance, maintaining the "one leader, three strong" pattern in the pickup truck market. In December, 22,000 pickup trucks were exported, a year-on-year increase of 22%, with the industry's export share continuing to remain high. Pickup truck exports accounted for 45% of total pickup truck sales in January-December 2024, reaching 47% in December 2024, indicating a good improvement in the export of Chinese independent pickup trucks. As an internationally competitive type of vehicle, pickup trucks have become the strongest category in China's commercial vehicle exports. In the past two years, the production shortage of international car companies has created a significant supply-demand gap, laying a foundation for China's pickup truck exports overseas and driving the continuous growth of Chinese pickup truck exports since 2022. In January-December of this year, pickup truck exports still show a strong year-on-year growth trend, with some pickup truck companies seizing the export opportunity to achieve strong growth, such as Anhui Jianghuai Automobile Group Corp., Ltd., Chongqing Changan Automobile, Great Wall Motor, and SAIC Maxus, all with exports accounting for more than half of their total pickup truck sales. In January-December 2024, Shanxi Guoxin Energy Corporation's pickup truck sales were 12,500 units, a year-on-year increase of 59%. In December, there were 2,000 new energy pickup trucks sold, a year-on-year increase of 63%, showing a better trend compared to traditional fuel-powered pickup trucks. With the surge in logistics demand for electric light trucks, the theory of "pickup trucks entering cities" is less effective compared to the positive effect of "pickup trucks going to rural areas". The sales proportion of pickup trucks in county-level markets is still growing compared to last year, effectively offsetting the shrinkage of pickup truck sales in domestic cities. With the launch of the domestic electric pickup truck market, models like Geely Raydar are gradually cultivating the market, and it is expected that more new energy pickup truck products will meet the demand both domestically and abroad in the future.