Core Viewpoint - The micro truck market in China has shown a fluctuating trend in sales, with a cumulative decline of 18% by the end of July 2025, despite a 15% year-on-year growth in August 2025, indicating a mixed performance in the industry [1][3][14]. Sales Performance - In August 2025, the overall truck market sold 271,600 units, a 17% year-on-year increase, while the micro truck market sold 30,800 units, reflecting a 15% year-on-year growth but a 6% month-on-month decline [3][6]. - The cumulative sales for micro trucks from January to August 2025 reached 285,900 units, marking a 15% decrease compared to the same period last year, which is the lowest in the past five years [5][10]. Market Trends - Over the past five years, the micro truck market has exhibited a pattern of alternating growth and decline in August, with three years of growth including the current year [5]. - The sales volume of 30,800 units in August 2025 ranks third in the last five years, indicating a moderate performance compared to previous years [5]. Company Rankings - In August 2025, SAIC-GM-Wuling led the micro truck market with sales of 15,900 units, capturing 51.74% of the market share, followed by Chery and Changan with 16.85% and 14.55% market shares respectively [6][9]. - A total of seven companies sold micro trucks in August, with four companies experiencing year-on-year growth and three facing declines [6][10]. Cumulative Market Share - For the cumulative sales from January to August 2025, three companies exceeded a 10% market share: Wuling (50.42%), Changan (18.34%), and Chery (13.53%) [12]. - The cumulative market share for the top six companies reached 99.74%, indicating a highly concentrated market [10]. Future Outlook - The micro truck market faces challenges in achieving growth by the end of 2025, with a cumulative decline of 18% and a net decrease of nearly 50,000 units compared to the previous year [14].

Core Viewpoint - The micro truck market in China has experienced a declining trend in sales, with significant year-on-year decreases observed in recent months, particularly from March to May 2025, leading to a cumulative sales decline of 22% by the end of May [1][17]. Market Performance - In June 2025, the overall truck market in China saw a sales increase of 8% year-on-year, with micro trucks selling 40,000 units, representing a 14% month-on-month increase but a 10% year-on-year decline [4][9]. - The micro truck market has faced a "four consecutive declines" situation, continuing to underperform compared to the overall truck market [4][17]. Historical Trends - An analysis of the micro truck market over the past five years shows a pattern of declining sales in June, with only one instance of growth in June 2023. The sales of 40,000 units in June 2025 rank third in the last five years, significantly lower than the peak of 51,200 units in June 2023 [6][9]. Cumulative Sales Data - For the first half of 2025, cumulative sales of micro trucks reached 222,000 units, marking a 20% year-on-year decline, which is an improvement from the 22% decline recorded after May [14][17]. - Among the companies, Chery has shown a 60% increase in cumulative sales year-on-year, while five other companies have reported double-digit declines, with the most significant drop being 45% [15]. Market Share Insights - In June 2025, Wuling dominated the micro truck market with nearly 20,000 units sold, capturing 48.09% of the market share. Changan and Chery followed with 20.02% and 14.54% market shares, respectively [11]. - Cumulatively, for the first half of 2025, Wuling, Changan, and Chery held market shares of 49.19%, 19.63%, and 12.75%, respectively, while other companies had market shares below 0.5% [15].