Core Viewpoint - The heavy truck market in China has experienced a significant increase in sales, with July 2025 showing a year-on-year growth of approximately 42%, marking the fourth consecutive month of growth since April 2025 [2][12]. Group 1: Market Performance - In July 2025, approximately 83,000 heavy trucks were sold, a decrease of 15% from June but an increase of about 42% compared to the same month last year [2][3]. - Cumulatively, from January to July 2025, the heavy truck market sales reached approximately 622,000 units, reflecting a year-on-year growth of about 11% [2]. - The sales figures for July 2025 are the second highest in the past eight years, only behind July 2020 [2]. Group 2: Segment Analysis - The sales of electric heavy trucks in July 2025 exceeded 15,000 units, representing a year-on-year increase of over 120% [9]. - The domestic terminal sales of diesel heavy trucks in July 2025 are expected to grow by over 25% year-on-year, despite a significant month-on-month decline [11]. - The gas truck segment saw a recovery in terminal sales, with a domestic penetration rate rising from below 20% in June to approximately 24% in July [7]. Group 3: Company Performance - China National Heavy Duty Truck Group (CNHTC) sold about 22,000 heavy trucks in July 2025, maintaining the highest market share at approximately 27.5% [14]. - FAW Jiefang sold around 15,000 heavy trucks in July 2025, achieving a year-on-year growth of about 42% [16]. - Beiqi Foton reported the highest year-on-year growth among major companies, with sales of approximately 11,500 units in July 2025, reflecting a growth rate of about 134% [20]. Group 4: Future Outlook - The heavy truck market is expected to see significant growth in the third quarter of 2025, driven by the "old-for-new" policy for trucks and the low sales figures from the previous year [24]. - The year-on-year growth rate for September 2025 is anticipated to exceed 50% [24].

Core Insights - The heavy truck market in China experienced a significant increase in sales, with approximately 83,000 units sold in July 2025, marking a 42% year-on-year growth despite a 15% month-on-month decline [1][4] - This growth trend has been consistent since April 2025, with monthly sales showing increasing year-on-year growth rates: 6.5% in April, 13.6% in May, 37% in June, and 42% in July [1][4] - The cumulative sales for the first seven months of 2025 reached about 622,000 units, reflecting an 11% year-on-year increase [4] Market Performance - July's heavy truck sales represent the second-highest level in the past eight years, only surpassed by July 2020's sales of 139,000 units [4] - The domestic terminal heavy truck sales also saw a year-on-year increase of over 20% in July, although the growth rate compared to June has narrowed [4][8] - The decline in month-on-month sales is attributed to the unique circumstances in June, where electric heavy trucks saw a surge in registrations, and the market is entering a "low season" [4][7] Policy Impact - The growth in heavy truck sales is largely driven by environmental policies, particularly the differentiated subsidies for scrapping older trucks, which have been implemented across various regions [4][8] - The "old-for-new" policy has stimulated demand for new heavy trucks, contributing to the four consecutive months of sales growth [4][8] Segment Performance - The export of heavy trucks in July is expected to grow by over 20% year-on-year, indicating strong performance in this segment [7] - Electric heavy trucks continue to perform well, with July sales exceeding 15,000 units, representing a year-on-year increase of over 120%, despite a month-on-month decline [9] - Diesel heavy trucks also showed robust growth, with July sales expected to increase by over 25% year-on-year, although they experienced a significant month-on-month decline [9] Future Outlook - The heavy truck market is anticipated to maintain its upward trajectory in the third quarter, with expectations of substantial year-on-year growth, particularly in September, which may see a growth rate of over 50% [9]

Core Viewpoint - The heavy truck market in China has experienced a significant increase in sales, with July showing a year-on-year growth of 42%, marking the fourth consecutive month of growth and indicating a strong market momentum for the second half of the year [1][5][20]. Sales Performance - In July, approximately 83,000 heavy trucks were sold, representing a 15% decrease from June but a 42% increase compared to the same month last year [5][7]. - Cumulatively, from January to July, the heavy truck market recorded sales of about 622,000 units, reflecting an 11% year-on-year growth [7]. Market Drivers - The primary driver for the sales increase is the implementation of environmental policies, particularly the "old truck scrapping and replacement" initiative launched in March, which has stimulated demand for new heavy trucks [8][20]. - The export of heavy trucks also saw a significant increase, with expectations of over 20% year-on-year growth in July [9]. Segment Analysis - The domestic terminal sales of heavy trucks also showed a year-on-year increase of over 20% in July, although the growth rate was lower than in June due to seasonal demand fluctuations [7][14]. - Electric heavy trucks continued to perform well, with July sales exceeding 15,000 units, a year-on-year increase of over 120%, despite a noticeable month-on-month decline [16]. - Diesel heavy trucks are expected to see a year-on-year growth of over 25% in July, although they also experienced a significant month-on-month decline [18]. Future Outlook - The heavy truck market is anticipated to maintain its upward trajectory in the third quarter, with projections indicating a potential year-on-year growth rate of over 50% in September [20].