GWMOTOR(SH:601633) Bei Jing Shang Bao·2026-01-28 09:53Core Viewpoint - The Chinese pickup truck market is experiencing significant growth, with sales and production reaching high levels in 2025, indicating a robust demand for this vehicle segment [1]. Sales Performance - In December 2025, the pickup truck market sold 52,000 units, marking an 8.8% year-on-year increase and reaching a five-year high [1]. - For the entire year of 2025, total pickup truck sales amounted to 589,000 units, reflecting an 11.8% year-on-year growth [1]. Production Performance - December 2025 production of pickup trucks was 48,000 units, which is a 5.2% increase year-on-year and remains at a mid-high level over the past five years [1]. - The total production for the year 2025 reached 575,000 units, showing a 14% year-on-year increase [1]. Market Leaders - Great Wall Motors continues to lead the pickup truck market, demonstrating stable performance both domestically and internationally [1]. - Other strong performers include Changan Automobile, SAIC Maxus, JAC Motors, and Zhengzhou Nissan, benefiting from continued export growth [1]. Domestic Market Dynamics - In the domestic retail market for pickups, key players such as Great Wall Motors, Jiangling Motors, Zhengzhou Nissan, Radar Auto, and Jiangxi Isuzu are performing well, maintaining a competitive landscape characterized by "one strong player and many strong competitors" [1]. New Energy Pickup Trucks - In December 2025, sales of new energy pickups were 6,000 units, representing a 3% year-on-year decline and a 30% month-on-month decline [1]. - Cumulatively, new energy pickup sales for the year reached 73,000 units, showcasing a remarkable 243% growth, significantly outpacing the overall pickup market growth [1].