FOTON(SH:600166) Hua Xia Shi Bao·2025-10-24 01:38Core Insights - The light truck market in China has seen a total sales of 1.482 million units from January to September this year, reflecting a year-on-year growth of 6.2% [2] - The penetration rate of new energy light trucks reached 23.59%, up from 17.73% for the entire previous year, indicating a continuous growth trend with 21 consecutive months of increase [2] - The market size for light trucks in China is projected to transition from a hundred billion level to 180 billion level between 2025 and 2030, with a compound annual growth rate of 8.5%, driven primarily by new energy light trucks [2] Industry Challenges - Despite the growth in the new energy light truck market, core industry pain points remain unresolved, including issues related to comfort, range anxiety, and high energy consumption associated with the current "oil-to-electric" transition solutions [2][3] - The dual pressures of high costs and intense work conditions are squeezing the survival space for industry players [2] Technological Advancements - Foton Motor has launched the "Qixing" platform, marking a significant shift away from the "oil-to-electric" transitional phase towards a new era of coordinated development in new energy and intelligence [2][3] - The "Qixing" platform is designed from the ground up to address user needs in efficiency, cost, and driving comfort, while also laying a technological foundation for future intelligent networking [3] Product Features - The "Qixing" platform incorporates four original architectures and six disruptive breakthroughs, redefining the value boundaries of pure electric light trucks [4] - The platform allows for a 165 kWh version to travel 607 kilometers, with a fast charging capability of 18 minutes from 20% to 80%, and a lower energy consumption of 6 kWh per 100 kilometers compared to competitors [4] - Safety features include a heavy-duty "shield body" with over 50% high-strength steel, a 36% increase in torsional rigidity, and a braking response time of just 0.1 seconds [4][5] Market Dynamics - In September 2025, domestic sales of new energy light trucks reached 16,600 units, a year-on-year increase of 60%, with top sellers being Foton and Yuanqi, each exceeding 3,000 units [6] - The market is witnessing a significant head effect, where diligent companies are expected to reap future benefits, emphasizing the importance of product quality, service, pricing, and user experience [6] Strategic Shifts - The "oil-to-electric" transition is viewed as a temporary compromise that sacrifices user comfort and long-term value, while the "original dedicated platform" represented by Foton's "Qixing" is seen as a fundamental leap forward [7] - The introduction of the "Qixing" platform is igniting competition in the industry, prompting companies to reconsider their strategic paths towards either continued reliance on transitional solutions or a complete self-revolution [7] - The industry is evolving beyond mere product iteration to encompass a comprehensive ecosystem involving new energy technology, intelligent networking systems, lightweight materials, and aftermarket services, creating a trillion-level market space [7]