Weichai Power(SZ:000338) 第一财经·2025-11-20 10:27Core Viewpoint - The article highlights the rapid growth and transformation of the commercial vehicle sector towards electric vehicles (EVs), particularly focusing on Wuling's new energy strategy and the performance of new energy commercial vehicles in China [3][4]. Group 1: Market Trends - The penetration rate of new energy passenger vehicles has surpassed 50%, indicating a steady growth phase in electrification, while the commercial vehicle sector is catching up [3]. - In the first ten months of this year, the domestic sales of new energy passenger vehicles increased by 24%, while new energy commercial vehicles saw a remarkable growth of 60.2% [3]. - As of October, the penetration rate of new energy commercial vehicles reached 30.9%, maintaining above 30% for two consecutive months, compared to just 2% in 2020 [3]. Group 2: Company Developments - Wuling Hongguang has launched its first new energy product, the Wuling Hongguang EV, which is set to officially launch in 2026, completing the new energy transition for its main sales models [3]. - Wuling Hongguang's cumulative sales from January to October exceeded 500,000 units, with over 120,000 units being new energy commercial vehicles, resulting in a penetration rate of 24% [4]. - The company has adopted three energy routes: fuel, range-extended, and pure electric, with the upcoming Hongguang EV following the "one vehicle, three power" strategy [5]. Group 3: Export Performance - The growth of new energy commercial vehicle exports has outpaced that of passenger vehicles, with a 150% year-on-year increase in the first three quarters of 2025, compared to an 87.7% increase for new energy passenger vehicles [3].